The SFO issued criminal proceedings against 11 individuals accused of manipulating the Euro Interbank Offered Rate (EURIBOR).
Two former EURIBOR traders were convicted of conspiracy to defraud following a trial in 2018.
Christian Bittar, former Principle Trader at Deutsche Bank, pleaded guilty on 2 March 2018. A court order restricting reporting of the plea was lifted on 6 March 2018. He was sentenced to five years, four months imprisonment. He was also ordered to pay the SFO’s full costs of £799,957 and a confiscation order of £2.5m.
Philippe Moryoussef, formerly of Barclays Bank, was found guilty on 29 June 2018 by a jury. He was sentenced to eight years imprisonment. On 20 December 2018, Moryoussef was ordered by the court to pay a confiscation order of £77,354.26 within three months, or face a further custodial sentence of 3 years.
Former Deutsche Bank employee Achim Kraemer, was found not guilty on 29 June 2018 by a jury.
The jury could not reach verdicts on three other defendants, Carlo Palombo, Colin Bermingham and Sisse Bohart, all formerly of Barclays Bank. The SFO sought a retrial and this began on 14 January 2019.
Carlo Palombo was convicted and Sisse Bohart was acquitted by a jury on 26 March 2019. Colin Bermingham was convicted on 28 March 2019.
Palombo and Bermingham were sentenced at Southwark Crown Court on 1 April 2019 to 4 and 5 years respectively. Both will face a further hearing to determine costs and proceeds of crime action.
The following individuals declined to appear at a hearing at Westminster Magistrates’ Court on 11 January 2016.
Deutsche Bank employees:
- Andreas Hauschild
- Joerg Vogt
- Ardalan Gharagozlou
- Kai-Uwe Kappauf
Societe Generale Employee:
- Stephane Esper
The SFO secured European Arrest Warrants against these five individuals at a hearing at Westminster Magistrates’ Court in February 2016. Extradition was refused by the French and German courts.
The investigation into EURIBOR was instigated as a result of the SFO’s broader investigation of the manipulation of the London Interbank Offered Rate (LIBOR).
Tudalen wedi ei chyhoeddi ar 30 Tach 2015 | Tudalen wedi ei haddasu ar 1 Ebr 2019