Former Barclays Trader Convicted Of Rigging Euribor Benchmark

LONDON (Alliance News) - A former Barclays trader has been found guilty of helping to rig a ...

Alliance News 12 July, 2018 | 5:17PM
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LONDON (Alliance News) - A former Barclays trader has been found guilty of helping to rig a vital banking benchmark during the financial crisis.

Philippe Moryoussef, 50, was convicted of conspiring to dishonestly manipulate Euribor in his absence having fled to his native France ahead of the trial.

The verdict could be reported on Thursday after restrictions were lifted when the jury was dismissed from Southwark Crown Court having been unable to reach a conclusion on three other defendants.

They found another, Achim Kraemer, 53, not guilty after the three-month trial, while the “main defendant”, Deutsche Bank trader Christian Bittar, 46, pleaded guilty in March.

Prosecutors alleged the Barclays traders conspired with the Frankfurt-based trader in a bid to boost their employer’s profits and their own pay and bonuses.

The Serious Fraud Office will now consider whether to seek a re-trial for Carlo Palombo, 39, Colin Bermingham, 61, and Sisse Bohart, 41, who all denied the charge.

SFO director Mark Thompson said Moryoussef and Bittar “damaged trust” in the Euribor system, or the euro interbank offered rate.

“They were senior figures who abused their positions for personal gain and to advantage the banks they worked for,” he said.

The rate was only shifted a few hundredths of a percentage point but because of the multimillion sums involved those involved stood to make or lose vast amounts of money, jurors were told.

Sean Larkin, representing Palombo, previously told the court the men “were allowed to believe what they did was appropriate”.

In a statement after he was cleared, Kraemer said: “I have always maintained my innocence of the charge against me and I am very pleased that today’s decision has vindicated my position.

“I’m very grateful to the jury for the dedication and effort that they have put into dealing with my trial.”

They were all charged with one count of conspiracy to defraud between January 2005 and December 2009.

Moryoussef, who was found guilty on June 29, and Bittar are expected to be sentenced on July 20.

By Sam Blewett, Press Association

source: Press Association

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Barclays PLC 170.74 GBX -3.43
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