Feb 28, 2020

London jury clears three former Barclays bankers of fraud charges

The UK Serious Fraud Office's seven-year case against Barclays bankers over the lender's arrangements with Qatar during the financial crisis lay in tatters on Friday after three former top bankers were all cleared of fraud charges by a jury. The three defendants, including the "Big dog" banker, Roger Jenkins, who was Barclays' "Gatekeeper" of its relationship with Qatar and the Gulf state's prime minister, were acquitted after a five-month retrial at London's Old Bailey. The SFO had alleged the three had lied to the market in official documents detailing two emergency cash calls in 2008, which helped the bank avoid a taxpayer bailout by raising £11.2bn. The men denied wrongdoing. Mr Jenkins, Tom Kalaris, the American head of the bank's wealth unit in 2008, and Richard Boath, its investment banking unit's European co-head of financial institutions, stood in the dock with their heads bowed as the jury foreman read out the verdicts. Fraud charges against Barclays as a corporate defendant were scrubbed even before trial.

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