Jul 19, 2018

Two former star traders jailed in Euribor rigging case

Two former star traders who played leading roles in a conspiracy to rig the Euribor interbank lending rate have been jailed. Philippe Moryoussef, 50, a French citizen and former Barclays trader who was tried in absentia at Southwark Crown Court, was given a prison term of eight years by Judge Michael Gledhill QC for conspiracy to defraud. Judge Gledhill said "Greed was clearly his principal motive" for taking part in the conspiracy, and that although he was highly paid, "He thought he deserved more". Christian Bittar, 46, who worked at Deutsche Bank at the time of the conspiracy, had already pleaded guilty to the same charge. The sentences followed an 11-week trial of five people who had been accused of conspiring to manipulate the Euribor rate between 2005 and 2009 to benefit the positions of traders at their banks.

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