British bankers convicted in US Libor trial


Two British bankers have been convicted of manipulating Libor rates in a US trial.

The BBC reports Anthony Allen and Anthony Conti, who worked for Dutch lender Rabobank, were convicted by a New York jury.

The pair were charged with conspiracy to commit wire and bank fraud and committing wire fraud, by misreporting Libor as it related to the US dollar.

The US Department of Justice reached a $1bn (£657m) deal with Rabobank in October 2013 for its role in manipulating Libor.

In a statement, the Justice Department’s criminal division head Leslie Caldwell said: “Today’s verdicts illustrate the department’s successful efforts to hold accountable bank executives responsible for this global fraud scheme.”

This is the first conviction of traders involved in the scandal in the US.

In August, UBS and Citigroup trader Tom Hayes became the first person to be sent to jail for Libor rigging. He was sentenced to 14 years in prison for his part in the scandal.

Last month, a UK trial began against six former brokers from ICAP, RP Martin and Tullett Prebon for Libor rigging. All the defendants have pleaded not guilty and the trial is expected to last around three months.