LIBOR Yen (Interdealer Brokers)

The trial of six individuals charged with conspiracy to defraud in connection with the SFO’s ongoing criminal investigation into the manipulation of LIBOR began on 6 October 2015. The SFO alleged that Darrell Paul Read, Colin John Goodman, Danny Martin Wilkinson, Terry John Farr, James Andrew Gilmour and Noel Anthony Cryan conspired with Tom Hayes, who was convicted after trial and sentenced in August 2015 , to defraud in that they agreed, upon instruction by Hayes, to influence the submissions of panel banks in the Yen LIBOR setting process. All six defendants were found not guilty of all charges. Commenting on the case, Director of the SFO David Green CB QC said: “The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes. By their verdicts the jury have said that they could not be sure that this was the case.  Nobody could sensibly suggest that these charges should not have been brought and considered by a jury.”