Barclays Libor riggers sentenced to years in prison

by Linda Olson July 8, 2016, 0:31
Barclays Libor riggers sentenced to years in prison

Four former Barclays traders have been sent to prison for manipulating a benchmark interest rate.

They will serve half their sentence in prison before being released on licence.

Mathew's former boss, 61-year-old Peter Johnson, a 35-year Barclays veteran, was also sentenced to four years.

The four manipulated the London interbank offered rate, or Libor, between 2005 and 2007.

At the same trial three former employees of Barclays were found guilty of Libor rigging, being convicted unanimously.

The charge states that they dishonestly agreed to procure or make submissions of rates by Barclays, a panel bank, into the dollar Libor setting process which were false or misleading.

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Johnson was ordered to pay back £114,501 and to pay £30,000 costs. Confiscation proceedings against the other individuals have been adjourned to a later date.

The trial, which was heard at Southwark Crown Court, was the third brought by the Serious Fraud Office (SFO) in its ongoing investigation into Libor manipulation.

In passing sentence HHJ Leonard QC said that the culpability of the defendants was high and their behaviour showed "an absence of integrity".

Libor is used by banks to set prices of financial products.

The jury was unable to reach a verdict in relation to two other defendants, Ryan Reich and Stelios Contogoulas. Jonathan Mathew, Alex Pabon and Jay Merchant were all found guilty after a 10-week trial, and now face sentencing.

"The sentences for each of those convicted of Libor rigging varies significantly, which indicates that the judge has taken a highly fact-sensitive approach in each case", said David Corker, a partner at law firm Corker Binning.

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