London Indepdendent
July 4, 2016
July 4, 2016
Three former Barclays traders have been found guilty of conspiring to fraudulently manipulate global benchmark interest rates at a trial in London.
Jay Merchant, 45 and born in Calcutta, was convicted unanimously.
Jonathan Mathew, 35, a Libor submitter, and Alex Pabon, 38, were found guilty by a majority verdict after the 10-week trial at Southwark Crown Court.
Peter Johnson, a second submitter who like Mathew was in charge of submitting benchmark interest rates that other trades were based on, had pleaded guilty.
The men are expected to be sentenced on Thursday.
Libor, which stands for the London Interbank Offered Rate, is used as interest rate banks use to lend money to one another.
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