6th November 2015
Two British bankers have been convicted in the US for their part in the Libor scandal.
Anthony Allen and Anthony Conti, who both worked for Dutch bank Rabobank, were convicted by a jury in New York for their part in the Libor manipulation scandal, which saw bankers rig the rates at which banks lend to one another to make money for themselves.
They were charged with conspiracy to commit wire and bank fraud and committing wire fraud by misreporting Libor as it related to the US dollar.
In a statement, the Justice Department’s criminal division head Leslie Caldwell, said: ‘Today’s verdicts illustrate the department’s successful efforts to hold accountable bank executives responsible for this global fraud scheme.’
In August, Tom Hayes, a trader at UBS and Citigroup, was the first person to be sent to jail for Libor rigging – he was sentenced to 14 years.
In the UK, a trial began last month against six former stockbrokers from ICAP, RP Martin and Tullett Prebon for their parts in Libor rigging. They have all pleased not guilty.