Tags: EU | Britain | Libor

Three Barclays Traders Found Guilty in Libor Case

Monday, 04 July 2016 11:11 AM EDT

LONDON (AP) — A British court has convicted three Barclays brokers of trying to fix the benchmark interest rate known as LIBOR, the London interbank offered rate.

Jay Merchant, 45, Jonathan Mathew, 35, and Alex Pabon, 38, were convicted at Southwark Crown court of conspiring to defraud between 2005 and 2007. Another Barclays trader, Peter Johnson, 61, was also convicted.

The three were convicted last week, but the court placed the matter under reporting restrictions until Monday, while a jury deliberated the fate of two other Barclays traders Ryan Michael Reich, 34, and Stylianos Contogoulas, 44. It was unable to reach a verdict on the final two.

Libor is a critical rate in global finance, affects trillions of dollars in contracts including mortgages and bonds.

© Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
A British court has convicted three Barclays brokers of trying to fix the benchmark interest rate known as LIBOR, the London interbank offered rate.Jay Merchant, 45, Jonathan Mathew, 35, and Alex Pabon, 38, were convicted at Southwark Crown court of conspiring to defraud...
EU,Britain,Libor
124
2016-11-04
Monday, 04 July 2016 11:11 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© 2025 Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved