View more on these topics

Ex-Barclays staff found guilty of Libor rigging


Three former employees of Barclays have unanimously been found guilty of Libor rigging.

Jonathan Mathew, Alex Pabon and Jay Merchant have all been found guilty after a 10-week trial and will be sentenced on Thursday, the BBC reports.

The jury could not reach a verdict on two other defendants, Ryan Reich and Stelios Contogoulas, following two weeks of deliberation. The Serious Fraud Office will now decide whether the duo will be subject to a retrial.

The prosecution claimed traders Merchant, Pabon, Reich and Contogoulas requested rate submitters Mathew and Johnson set rates at a level that suited them.

Barclays declined to comment.

Former City trader Tom Hayes, was convicted of Libor rigging last August. His prison sentence was subsequently reduced to 11 years from 14 years after the Court of Appeal considered mitigating factors.

In January, five City brokers accused of manipulating the Libor rate were cleared in a London court. Noel Cryan, Danny Wilkinson, Colin Goodman, James Gilmour and Terry Farr, were all found not guilty.

The FCA has already banned former Royal Bank of Scotland employee Paul White for “reckless” Libor submissions and banned a former Deutsche Bank trader from the industry following a criminal fraud conviction in the US.


FCA logo new 3 620x430

Former UBS Libor trader appeals FCA ban

A former UBS derivatives trader will appeal an FCA ban after the regulator concluded he is not a “fit and proper person”. The FCA wants to prohibit Arif Hussein, former head of UBS’s GBP Rates Desk, from any role in regulated financial services for allowing the bank’s trader submitters to make Libor submissions with the […]

FCA interior logo 620x430

FCA bans ‘reckless’ former RBS Libor submitter

The FCA has banned former Royal Bank of Scotland employee Paul White for “reckless” Libor submissions that risked corrupting the integrity of the index. According to the regulator, White was the primary RBS Libor submitter for Japanese Yen (JPY) and Swiss Francs (CHF) between March 2007 and November 2010. White received 68 documented communications from […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Why are we only catching the little fish ?

Leave a comment