-
UK Court Finds Three Guilty of LIBOR Manipulation
07/04/2016
The UK's Serious Fraud Office announced that Jonathan James Mathew, Jay Vijay Merchant and Alex Julian Pabon had been convicted by a jury at Southwark Crown Court of conspiracy to defraud for manipulation of the US Dollar LIBOR. The three individuals are all former employees of Barclays Bank Plc, which was fined £59.5m by the Financial Conduct Authority in 2012 for misconduct relating to benchmark submissions. No verdicts were reached for two co-defendants, Stylianos Contogoulas and Ryan Michael Reich, and the SFO is seeking a retrial, as announced on July 6, 2016. Sentences for the three convicted individuals were announced on July 7, 2016 - Jonathan James Mathew was sentenced to four years imprisonment, Jay Vijay Merchant was sentenced to six and a half years imprisonment and Alex Julian Pabon was sentenced to two years and nine months imprisonment.
View the SFO's first announcement.
View the SFO's second announcement.
View the SFO's sentencing announcement.
Financial Regulatory Developments Focus