The impeccably-named Noel Cryan used to have a full-time job working for Tullett Prebon. Then he found himself accused of being part of that whole Libor thing, and didn’t anymore. Cryan decided to use some of his newfound free time suing Tullett Prebon, time he apparently wasn’t using to fight the criminal rate-rigging charges against him.
Hopefully Noel likes the time he spends in court- and law-firm conference rooms, because (allegedly!) fucking with Libor wasn’t the only (allegedly) shady thing he was (allegedly) doing.
Tullett Prebon said the by the Financial Conduct Authority was conducting an inquiry into purported “wash” trades, transactions that are considered risk free and conducted simply to generate commissions.
The brokerage firm said one of the former employees is Noel Cryan, who is facing separate criminal proceedings by the Serious Fraud Office of Britain in an investigation into potential manipulation of the London interbank offered rate, or Libor, a global benchmark interest rate.