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City brokers cleared in Libor rigging case


Five City brokers accused of manipulating the Libor rate have been cleared in a London court.

Noel Cryan, Danny Wilkinson, Colin Goodman, James Gilmour and Terry Farr, were all found not guilty, the BBC reports.

However, the jury has reached a not guilty verdict on one count of conspiracy to defraud by former Icap broker Darrell Read but has not reached a verdict on the second count.

The judge overseeing the London trial has requested that the court consider a majority verdict in regards to a sixth defendant.

In the case brought by the Serious Fraud Office, the six men were accused of aiding jailed banker Tom Hayes, who worked for Swiss bank UBS, of rigging libor, the rate at which banks lend money to one another.

They worked for the financial firms Icap, Tullett Prebon and RP Martin.

Back in August Hayes became the very first person to be convicted over the Libor rate-rigging debacle and was sentenced to 14 years in prison for manipulating the rate, while working at both UBS and Citigroup between 2006 and 2010.

However following an appeal, his sentence was cut to 11 years.

SFO director David Green said: “The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes. By their verdicts the jury have said that they could not be sure that this was the case.

“Nobody could sensibly suggest that these charges should not have been brought and considered by a jury.”


Jail banker

Libor-rigging trader has prison sentence reduced

Former City trader Tom Hayes, who was convicted of Libor rigging in August, has had his sentence reduced to 11 years, the BBC reports. The Court of Appeal considered mitigating factors including his diagnosis for Asperger’s Syndrome, according to the report. He was sentenced to 14 years in prison for conspiracy to defraud while at […]


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 […]

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FCA drops Libor case against ex-UBS trader

The FCA has ended plans to prosecute a former UBS trader over the Libor-rigging scandal after failing to convince an independent panel of its case. Panagiotis Koutsogiannis will face no charges despite a court hearing that he and other UBS colleagues discussed Libor fixing, the Telegraph reports. The former head of funding for UBS’ rates […]

Jail banker

Ex-trader jailed for 14 years over Libor rigging

A former UBS and Citigroup trader has been found guilty of eight counts of conspiring to rig Libor and handed 14 years in jail. Tom Hayes, a 35-year-old former yen derivatives trader, represents the first conviction over the manipulation of interest rates. In a case brought by the Serious Fraud Office, prosecutors claimed Hayes asked […]


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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