NatWest Unit Pleads Guilty, Will Pay $35 Million to Resolve DOJ ‘Spoofing’ Probe

The logo of NatWest Bank, part of the Royal Bank of Scotland group is seen outside a branch in Enfield, London Britain on Nov. 15, 2017. John Sibley/Reuters

WASHINGTON—A unit of NatWest Group on Tuesday agreed to pay about $35 million and pleaded guilty to wire and securities fraud in relation to a long-running scheme by some of its traders to manipulate U.S. Treasury debt markets.

The lender’s investment bank NatWest Markets admitted its traders engaged in schemes to manipulate U.S. Treasury markets over a decade up to 2018. The firm agreed to serve three years of probation in addition to the fine and restitution, the U.S. Department of Justice said in a statement.