Two former Barclays bankers were sentenced on Monday to a total of nine years in...
LONDON - Two former Barclays bankers were sentenced on Monday to a total of nine years in jail after they were convicted by a London jury of conspiring to rig the Euribor global interest rate benchmark.
A “devastated” Palombo and his family needed time to come to terms with the decision while considering any appeal, his lawyer John Hartley, of Hodge Jones & Allen, said in an email, while Bermingham’s legal team had no immediate comment.Sisse Bohart, a Danish junior Barclays trader and submitter, 41, was acquitted last week. The three had faced a re-trial after a previous jury was last year unable to reach a verdict.
Eleven banks and brokerages have been fined a total of $9 billion to settle rate-rigging allegations in a global investigation. Barclays paid a $453 million penalty in 2012, sparking a backlash that forced out former CEO Bob Diamond, the British fraud inquiry and an overhaul of rate-setting rules. “We are committed to tracking down and bringing to justice those who defraud others and abuse the system.”Bittar, one of the world’s best-paid traders who earned more than 57 million pounds over the indictment period, was sentenced to five years and four months after pleading guilty.
Brussels-based Euribor, like its Libor counterpart, is designed to reflect the cost of borrowing between banks and is set after submitters at a panel of major banks report their estimated costs of borrowing over various periods to an administrator, who calculates an average.
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