LONDON – Terry J. Farr, a former broker who was charged on Monday as part of an investigation into manipulation of global benchmark interest rates, was “a minnow in a very large pond,” his lawyer said on Tuesday.
Katie Wheatley, a partner at the law firm Bindmans, which represents Mr. Farr, said it was “regrettable” that the Serious Fraud Office had decided to charge Mr. Farr in the continuing investigation into the rigging of the London interbank offered rate, or Libor.
“Of all the very many organizations and individuals who may have contributed to the failings of Libor-setting, the S.F.O. has chosen to charge Mr. Farr, an unqualified interbank broker who had no responsibility whatsoever for setting Libor rates, a minnow in a very large pond, for doing what he believed to be his job,” Ms. Wheatley said in a statement.
“Mr. Farr will place his trust in the court to determine a just outcome,” Ms. Wheatley said, according to the statement.
The Serious Fraud Office on Monday charged Mr. Farr with two counts of conspiracy to defraud and James A. Gilmour with one count. Both worked at RP Martin Holdings, a brokerage firm based in London. They were both arrested and freed on bail in December, together with Tom A.W. Hayes, a former UBS andCitigroup trader who was charged with eight counts of fraud last month.