Four Former Barclays Employees Given Jail Sentences in Libor-Rigging Case
July 07 2016 - 11:24AM
Dow Jones News
By Margot Patrick
LONDON--Four former Barclays PLC employees were given jail
sentences Thursday for attempting to rig global interest rate
benchmarks.
Jay Merchant, a former trader at Barclays in New York, received
the harshest sentence, of 6.5 years.
Jonathan Mathew, a rate submitter, received a four-year
sentence, as did his former boss, Peter Johnson, who had pleaded
guilty in 2014.
American Alex Pabon received a sentence of two years and nine
months, for what the judge described as his lesser role in the
conspiracy.
The U.K. Serious Fraud Office, which brought the case, alleged
the men acted dishonestly by trying to influence the London
interbank offered rate, a benchmark used to set interest rates on
trillions of dollars in securities and loans, to give advantage to
Barclays and themselves financially and to defraud those with whom
they were trading.
Three of the men--Mr. Mathew, Mr. Merchant and Mr., Pabon--were
convicted of conspiracy to defraud in connection with the Libor
probe by a jury at Southwark Crown Court last week after an 11-week
trial.
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
July 07, 2016 11:09 ET (15:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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