Six Brokers Acquitted of Libor-Manipulation Frauds
January 27 2016 - 11:00AM
Dow Jones News
LONDON—A jury acquitted six former brokers of fraudulently
trying to manipulate a widely used benchmark interest rate, dealing
a major blow to a yearslong international investigation.
The jury on Wednesday reached unanimous verdicts to acquit five
of the brokers—former ICAP PLC brokers Colin Goodman and Danny
Wilkinson, former R.P. Martin brokers Terry Farr and James Gilmour,
and former Tullett Prebon broker Noel Cryan—on all counts. The
sixth broker, ICAP's Darrell Read, was acquitted on one count of
conspiring to defraud, but the jury is still deliberating on
another count against him.
All six men were accused of conspiring with former UBS Group and
Citigroup Inc. trader Tom Hayes of trying to rig the London
interbank offered rate, or Libor. Mr. Hayes was convicted and
sentenced to 14 years in prison last August, although the sentence
was subsequently reduced to 11 years.
Write to David Enrich at david.enrich@wsj.com
(END) Dow Jones Newswires
January 27, 2016 10:45 ET (15:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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