The UK’s Serious Fraud Office (SFO) today issued the first criminal proceedings related to EURIBOR manipulation against 10 individuals working at Barclays PLC (LON:BARC) and Deutsche Bank AG (FRA:DBK)
The individuals, 6 of whom are employees of Deutsche Bank, and 4 are employees of Barclays Bank, will be charged with conspiracy to defraud in connection with the SFO’s continuing investigation into the manipulation of the Euro Interbank Offered Rate (EURIBOR).
Below are the names of the individuals in question.
Deutsche Bank Employees:
Christian Bittar;- Achim Kraemer;
- Andreas Hauschild;
- Joerg Vogt;
- Ardalan Gharagozlou;
- Kai-Uwe Kappauf.
Barclays Bank Employees:
- Colin Bermingham;
- Carlo Palombo;
- Philippe Moryoussef;
- Sisse Bohart.
The defendants are set to appear at Westminster Magistrates’ Court on January 11, 2016.
As the investigation into EURIBOR manipulation continues, the SFO says that criminal proceedings will be issued against other individuals in due course.
The first proceedings in the EURIBOR manipulation case are announced as another investigation – that of manipulation of LIBOR, is also gathering speed. In August this year, Tom Hayes was found guilty of offences of conspiracy to defraud in the Yen LIBOR setting process and was sentenced to 14 years in prison. Terry Farr, James Gilmour, Danny Wilkinson, Darrell Read, Colin Goodman and Noel Cryan, are currently on trial at Southwark Crown Court, charged with conspiracy to defraud in respect of LIBOR manipulation.
The trial of four other defendants – Jonathan Mathew, Stylianos Contogoulas, Jay Merchant, Ryan Reich and Alex Pabon, on charges of conspiracy defraud in respect of manipulating US dollar LIBOR, is set to commence in January next year at Southwark Crown Court.
To view the official announcement from the SFO, click here.