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Five Brokers Found Not Guilty in Libor Case

Five individuals have been found not guilty of
conspiracy to defraud in the ongoing Libor manipulation case by a jury at
Southwark Crown Court in London today.

The UK’s Serious Fraud Office (SFO) released a
statement today stating that Colin Goodman, Danny Wilkinson, Terry Farr, James
Gilmour and Noel Cryan were found not guilty of all charges following a four-month
trial.

A sixth defendant, Darrell Read, was found not
guilty on one count and the jury continues to consider the case in respect of Read
on a further count.

Read, Goodman and Wilkinson are all former
employees at Icap, Farr and Gilmour of RP Martin and Cryan of Tullett Prebon.

The SFO alleged that all six conspired with Tom
Hayes,
who was convicted
after trial and sentenced last year
, to defraud in that they agreed, upon instruction
by Hayes, to influence the submissions of panel banks in the Yen Libor setting
process.

“The key issue in this trial was whether these
defendants were party to a dishonest agreement with Tom Hayes. By their
verdicts the jury have said that they could not be sure that this was the
case. Nobody could sensibly suggest that these charges should not have
been brought and considered by a jury,” says David Green, director of the SFO.

In a statement released by Hayes’ family,  he is said to be “thrilled” for the brokers but he is also “bewildered that he is now in a situation where he has been convicted of conspiring with nobody.” 

A further trial of individuals charged with the
manipulation of US Dollar Libor is scheduled to begin on 15 February 2016,
while a trial of individuals charged with the manipulation of the Euro
Interbank Offered Rate (Euribor) is scheduled to begin on 4 September, 2017. To
date, the SFO has charged 19 individuals as part of its investigation into
Libor rigging.

galen@profit-loss.com                      Twitter:@Galen_Stops

Galen Stops

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