Three former Barclays employees have been found guilty of fixing the Libor rate. Jay Merchant, Jonathan Mathew and American Alex Pabon will be sentenced on Thursday after the jury reached their verdict following a ten week trial. The jury was unable to reach a verdict in relation to two other defendants in the case.
The Serious Fraud Office (SFO), which brought the investigation, said: “The key issue in this case was dishonesty. The trial in this country of American nationals also demonstrates the extent to which the response to Libor manipulation has been international and the subject of extensive co-operation between US and UK authorities.”
The SFO has two weeks to decide whether to seek a re-trial of the two defendants who were not convicted.