July 26, 2016

Former Barclays traders jailed following LIBOR investigation

Four former traders at Barclays Bank have been sentenced to a total of 17 years in prison after being convicted of manipulating US Dollar LIBOR.

Jonathan Mathew, a LIBOR submitter, was jailed for four years. Jay Merchant and Alex Pabon, both LIBOR traders, received sentences of six and a half years and two years and nine months, respectively.

Court had heard that the three men employed by Barclays had conspired with each other and other individuals to procure or make submissions of rates into the US Dollar LIBOR setting process, thereby intending to prejudice the economic interests of others.

The trio had been convicted of conspiracy to defraud following an 11-week trial

A fourth man, Peter Johnson, had previously pleaded guilty to conspiracy to defraud in October 2014. He received a four year sentence.

In passing sentence, Judge Leonard said that the defendants’ behaviour showed “an absence of integrity.”

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