UK: Two traders jailed for rigging Euribor

Two former traders who plotted to rig a key interest rate benchmark were sentenced at a London criminal court on Thursday to a total of more than 13 years in prison as it was revealed that three other defendants will face a retrial in January reported FT.

Philippe Moryoussef, 50, a French citizen and former Barclays trader who was tried in absentia at Southwark Crown Court, was given a prison term of eight years by Judge Michael Gledhill QC for conspiracy to defraud.

Christian Bittar, 46, who worked at Deutsche Bank at the time of the conspiracy, had already pleaded guilty to the same charge. He was sentenced to five years and four months.

Earlier in the same hearing, the Serious Fraud Office, which brought the prosecutions, said it would seek a retrial of three other defendants after a jury was unable to reach a verdict on the trio. The sentences followed an 11-week trial of five people who had been accused of conspiring to manipulate the Euribor rate between 2005 and 2009 to benefit the positions of traders at their banks.

Full Content: Financial Times

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