This column is going to sound like it was written for a journal offering something to the left of Stalinism, but some things need to be said and asked. So let’s ask the question – is the UK’s Serious Fraud Office’s dropping of the Libor investigation yet another example of how senior managers are getting […]
In something of a surprise move the UK’s Serious Fraud Office (SFO) has announced the closure of its investigation into Libor manipulation, which has been going on since 2012. The SFO says in a statement, “Following a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in […]
Former Deutsche Bank trader and managing director Andreas Hauschild has been acquitted of conspiracy to defraud at London’s Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (Euribor) after being found not guilty of manipulating the benchmark rate during global financial crisis. The case was brought by the UK”s Serious Fraud Office […]
Just days after former colleagues Carlo Palombo was convicted of similar charges, a UK jury has found a second former Barclays interest rate trader guilty of Euribor manipulation.
Former managing director at Barclays, Colin Bermingham, has been convicted of manipulating the benchmark rate at the height of the financial crisis following an investigation and prosecution brought by the UK’s Serious Fraud Office (SFO).
A third trader, manager of the liquidity management portfolio at Barclays, Sisse Bohart, was acquitted last week.
A jury at a London court has found former Barclays interest rate trader Carlo Palombo, guilty of manipulating the Euribor benchmark interbank lending rate, however it found a fellow former Barclays trader not guilty and is still considering its verdict in a third related case.
The UK’s Serious Fraud Office (SFO) brought the case, alleging that Palombo, Sisse Bohart, who was acquitted, and Colin Bermingham, who is awaiting a verdict, colluded with former Deutsche Bank counterparts Christian Bittar and Phillipe Moryoussef to fix the benchmark rate set. The methodology alleged by the SFO was very familiar to anyone following these cases – the dealers allegedly pressured fellow workers who were charged with submitting the bank’s reference rate, to alter to suit the accused’s books.
Bittar and Moryoussef were convicted last year on the same charges, the latter was given an eight-year jail sentence, which Bittar, who pleaded guilty, was sentenced to five years’ imprisonment.
Three former Barclays traders have been found guilty by a London court of conspiring to manipulate the London Interbank Offered Rate (Libor) benchmark interest rate. According to a statement from the UK Serious Fraud Office (SFO) Monday, trader Jay Merchant, Libor-submitter Jonathan Mathew and trader Alex Pabon were found guilty at Southwark crown court in […]