Former Barclays trader found guilty of rigging interest rate


By Kirstin Ridley
Thursday, July 12, 2018

LONDON -- A French former trader with Barclays, tried in his absence by a London court in an 11-week trial, has been convicted of helping to mastermind a five-year plot to rig global interest rates.

Philippe Moryoussef, a 50-year-old former senior derivatives trader, was found guilty of conspiracy to defraud by dishonestly manipulating Euribor -- or Euro interbank offered rate -- between January 2005 and December 2009.

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The jury at Southwark Crown Court acquitted German Achim Kraemer, a Deutsche Bank manager still employed by the bank.

Reporting restrictions were lifted today after the jury failed to reach a verdict on three former Barclays co-defendants Carlo Palombo, an Italian-born former junior trader, Sisse Bohart, a Danish former junior trader and rate submitter, and her British former boss, Colin Bermingham.

A sixth defendant, 46-year-old former Deutsche Bank star trader Christian Bittar, a Frenchman who investigators said was once one of the world's best-paid traders, pleaded guilty before the trial began. He is already in custody. ...

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