SFO charges ex-Barclays and Deutsche employees over interest rate rigging

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The Serious Fraud Office has today launched criminal proceedings against 10 Deutsche Bank and Barclays Bank employees over the manipulation of Euribor.

The defendants will make their first appearance at Westminster Magistrates’ Court on 11 January.

The six Deutsche Bank employees charged are Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf.

The four Barclays employees are Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart.

The SFO says all the defendants from Barclays have now left the organisation, while Deutsche’s Christian Bittar and Andreas Hauschild have also left the firm. However, it was unable to confirm whether the four remaining Deutsche defendants still work for the company.

An SFO statement says further proceedings will be issued against other individuals in due course.

The cases follow the November conviction of two British bankers in a Libor trial in the US.

In August, the SFO secured its first conviction for Libor rigging against former UBS and Citigroup yen derivatives trader Tom Hayes, who was jailed for 14 years.