A previous elderly trader at Rabobank pleaded guilty on Monday to participating in a scheme to control the yen Libor rate, ending up being the 2nd staff member of the Dutch-based loan provider to confess regret in a United States investigation into supposed manipulation of interest rate benchmarks worldwide.

Paul Robson, a British person who likewise submitted Rabobank's rates used to compute the London InterBank Offered Price for the yen, worked together to manipulate the submissions to profit trading positions between 2006 and 2011, the US department of justice said.

Robson entered his plea before the district court, Jed Rakoff, in Manhattan to one count of a 15-count indictment he had faced. Justin Weddle, a legal representative for Robson, did not promptly respond to requests for remark.

In June, Takayuki Yagami, one more former elderly trader at Rabobank, came to be the initial to beg guilty to having a function in the plan.

'The scope of the fraud was massive, yet the system was easy. By illegally affecting the Libor rates, Robson and his co-conspirators rigged the markets to guarantee that their trades generated income', Leslie Caldwell, which heads the justice division's criminal department, said in a declaration.

Rabobank agreed last October to pay $1bn to resolve US and European queries into Libor manipulation. This included a $325m criminal penalty for the Dutch bank and a postponed prosecution arrangement with the justice division.

Libor, which is determined based upon submissions for a panel of bankings, underpins hundreds of trillions of bucks of purchases, and is used to establish rates of interest on credit cards, pupil loans and mortgages.

US and European regulators have been examining whether bankings attempted to adjust the rate to profit their own trading placements. Nine individuals, consisting of Robson, have actually been charged.

Robson worked as a senior trader at Rabobank's money markets and short-term forwards desk in London, and also functioned as the bank's primary submitter for the yen Libor calculation, the justice division stated.

He routinely made use of that placement to submit rates asked for by Yagami and other investors, prosecutors said.

In 2007, for example, Yagami asked Robson by email for a high entry for one of the rates, and Robson answered: 'No prob friend, let me understand your level'.

After Yagami made his demand, according to the justice division, Robson validated: 'Sure, no prob ... I'll most likely get a few phonecalls however no fears friend ... there's larger crooks in the marketplace than us guys!'.