Home >Industry >Three former Barclays traders convicted in London Libor rigging trial

London: Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a success for the UK’s Serious Fraud Office (SFO).

Calcutta-born Jay Merchant, 45, the most senior of the men on trial, was convicted unanimously while 35-year-old British former Libor submitter Jonathan Mathew and former trader Alex Pabon, a 38-year-old American, were found guilty by a majority verdict after a 10-week trial at Southwark Crown Court.

A second Libor submitter, 61-year-old Peter Johnson, had pleaded guilty. The men are expected to be sentenced on Thursday.

Reporting restrictions on the verdicts were lifted on Monday after the jury failed to reach a verdict on two other defendants.

The verdicts come four years after Barclays became the first of 11 powerful banks and brokerages to be slapped with a hefty fine over rate fixing allegations, sparking a political and public backlash that forced out charismatic former chief executive officer (CEO) Bob Diamond, an overhaul of Libor rules and the criminal inquiry. Reuters

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Edit Profile
My ReadsRedeem a Gift CardLogout