A senior derivatives trader at Rabobank in the UK has pled guilty in U.S. federal court to a charge brought in connection with alleged LIBOR manipulation.

U.S. authorities announced that Lee Stewart, 51, a former senior derivatives trader on the London desk for Rabobank pled guilty to one count of conspiracy to commit wire and bank fraud. A sentencing hearing is scheduled for June 9, 2017.

According to admissions made in connection with his plea, Stewart admitted that from May 2006 through early 2011, he conspired with others at Rabobank to manipulate the LIBOR benchmark interest rate, which was tied to the profitability of interest rate derivative trades entered into by Rabobank traders.

Earlier, another former UK-based Rabobank trader pled not guilty to charges of wire fraud and conspiracy to commit wire and bank fraud. He is presumed innocent.