BUSINESS

No verdict yet on Greek former Barclays trader

TAGS: Finance, Crime

Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain’s Serious Fraud Office (SFO).

The verdicts bring to five the number of people convicted in London for being part of a global financial conspiracy that has forced banks to pay fines of $9 billion, discredited rates like Libor and helped shred public faith in the banking industry.

Reporting restrictions on the verdicts were lifted on Monday after the jury failed to reach a verdict on two other defendants, 44-year-old Greek-born Stylianos Contogoulas and American Ryan Reich, 34.

The SFO now has 14 days to decide whether it will seek a fresh trial for the two.

[Reuters]

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