Apr 6, 2017

Two former Barclays traders acquitted in SFO Libor case

Two former Barclays bankers have been cleared of conspiring to manipulate a key interest rate in a re-trial that brings to a close the three Libor prosecutions brought by the UK's Serious Fraud Office. Their acquittals came after a jury in a separate trial last year failed to reach a verdict on the two men but convicted three of their former Barclays colleagues for conspiring to rig dollar-denominated Libor. Prosecutors from the SFO had claimed in the trial that the men "Essentially cheated" others when they schemed with Libor submitters at Barclays to nudge dollar Libor rates and bolster their trading positions. Mr Contogoulas, a trader on Barclays' swaps desk in London, sent messages about Libor submissions to Peter Johnson, a Libor submitter at Barclays who was convicted last year, the court heard. In the trial last July, Jonathan Mathew, 35, a former Barclays Libor submitter, along with ex-Barclays traders Jay Merchant, 45 and Alex Pabon were found guilty of conspiring with others at Barclays to manipulate US dollar Libor.

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