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Ex-Barclays staff found guilty of Libor rigging

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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.

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  1. Why are we only catching the little fish ?

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