4 exbarclays bankers jailed for rigging libor rate
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

4 ex-Barclays bankers jailed for rigging Libor rate

Arab Today, arab today

Arab Today, arab today 4 ex-Barclays bankers jailed for rigging Libor rate

Barclays bank
London - AFP

Four former Barclays Plc traders were sentenced to as long as 6 1/2 years in prison for manipulating Libor as U.K. judges continued meting out tough punishments for white-collar crime.
Jay Merchant, 45, got the longest sentence, while 61-year-old Peter Johnson, who had pleaded guilty, and Jonathan Mathew, 35, each received four years in prison. Alex Pabon, 38, will serve two years and nine months in jail. The men, who were mostly dressed in jeans and t-shirts, were led out of the court by three security guards immediately after the hearing.
The sentences are the latest in a wave of long jail terms related to financial wrongdoing. Former UBS Group AG trader Tom Hayes is serving 11 years in prison for rigging Libor and in May an ex-Deutsche Bank AG broker received a record 4 1/2-year term for insider trading. 
"The jury has characterized your behavior as dishonest, as you must have known that it was," Judge Anthony Leonard said during the sentencing. Your behavior demonstrates an "absence of integrity that ought to characterize banking."
Family members cried as the sentences were read out. An older man who escorted Pabon’s wife out of the courtroom, muttered “disgrace, utter disgrace” as they left.
All four of the Barclays bankers were accused of participating in a conspiracy to manipulate the London interbank offered rate from 2005 to 2007. Their convictions come nearly one year after Hayes became the first person globally to be imprisoned over Libor in August. Johnson pleaded guilty in 2014, while his ex-colleagues went to trial.
Hayes
Judge Leonard said there were “real and significant differences between” the actions of Hayes and the men who were in his court Thursday. But, he said, he didn’t agree with arguments he should show leniency because of the many traders involved that haven’t been prosecuted and the shorter prison sentences handed out for the behavior in the U.S.
Merchant joined Barclays in 2002 to work on the short-end book before the euro desk and then on the dollar desk in New York. Prosecutors said he took young and inexperienced traders, including Pabon, under his wing and brought them in on the conspiracy to rig rates. Merchant was the best paid of all the defendants, making 2.2 million pounds ($2.9 million) in 2007.
Merchant bears “the greatest responsibility for what happened,” the judge said.
The judge also told Johnson he played a "pivotal role" but had made a "courageous decision" to plead guilty. His sentence was reduced by a third because of his cooperation in the case.
Young Families
Leonard reduced the sentences for a variety of reasons, including the fact some of the men had young families or lived in the U.S. and would be incarcerated thousands of miles from home. The starting point for Merchant was 8 years, Johnson 7 1/2 years, Mathew 5 years and Pabon 4 years.
In addition to the prison sentence, Johnson was ordered to pay about 144,500 pounds in restitution and costs. Similar hearings to determine how much the other three men owe will be scheduled at a later date.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

4 exbarclays bankers jailed for rigging libor rate 4 exbarclays bankers jailed for rigging libor rate

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

4 exbarclays bankers jailed for rigging libor rate 4 exbarclays bankers jailed for rigging libor rate

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday