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EURIBOR

The SFO issued criminal proceedings against 11 individuals accused of manipulating the Euro Interbank Offered Rate (EURIBOR).

Two former EURIBOR traders have been convicted.

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.

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 is set for 14 January 2019.

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.

Andreas Hauschild was arrested in Italy in August 2018 after his trip to the country activated the European Arrest Warrant secured by the SFO. Italian authorities ruled that he should be extradited to the UK and he was charged with conspiracy to defraud at Westminster Magistrate’s court on 20 October 2018.

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 13 Rhag 2018