Thursday, 12 July 2018

Ex-Barclays trader found guilty of euro rate-rigging

A former Barclays trader has been found guilty of rigging a key euro benchmark borrowing rate known as Euribor.

Philippe Moryoussef was convicted of conspiracy to defraud by manipulating the rate between 2005 and 2009.

The jury at Southwark Crown Court acquitted another defendant, Achim Kraemer, 51, who still works for Deutsche Bank.

Christian Bittar, a former senior trader at Deutsche Bank, pleaded guilty before the 11-week trial began.

Sentencing of Moryoussef and Bittar is expected at the end of next week.
However, Moryoussef left the UK for France after Bittar's guilty plea was made public. It is therefore unclear if or when he will serve any time in jail.

His Paris-based lawyer, Francois De Casto, said his client was under the protection of French law and would eventually refer the case to the European Court of Human Rights.

The jury failed to reach a verdict on three other former Barclays co-defendants: Colin Bermingham, Carlo Palombo and Sisse Bohart.

BBC       News.

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