Convictions a fillip for UK serious fraud office as two sentenced for conspiring to rig Euribor
A combination of file pictures created on April 1, 2019 shows former employee of Barclays bank Carlo Palumbo walking outside the Southwark Crown Court in London on April 11, 2018 and former employee of Barclays bank Colin Bermingham arriving at Southwark Crown Court in London on January 13, 2016. Picture:AFP/NIKLAS HALLE'N AND DANIEL LEAL-OLIVAS
A devastated Palombo and his family needed time to come to terms with the decision while considering any appeal, his lawyer John Hartley said, while Bermingham’s legal team had no immediate comment.Sisse Bohart, a Danish junior Barclays trader and submitter, was acquitted last week. The three had faced a retrial after a previous jury was in 2018 unable to reach a verdict.
Eleven banks and brokerages have been fined a total of $9bn to settle rate-rigging allegations in a global investigation. Barclays paid a $453m penalty in 2012, sparking a backlash that forced out former CEO Bob Diamond, the British fraud inquiry and an overhaul of rate-setting rules. Bittar, one of the world’s best-paid traders who earned more than £57m over the indictment period, was sentenced to five years and four months after pleading guilty. Moryoussef, tried in absentia after fleeing to France when Bittar’s plea was made public, was handed an eight-year term. He remains in France.
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