Legal News

The Charges are the First Related to Manipulation of U.S. Dollar
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Three former Barclay’s employees have been charged by British prosecutors with conspiring to manipulate the benchmark interest rates. Barclays is a British multinational banking and financial services company headquartered in London. According to Bloomberg News, these charges are the first related to the manipulation of U.S. dollar Libor. Peter Charles Johnson, 59, Stylianos Contogoulas, 42, and Jonathan James Mathew, 32, according to an emailed statement by the Serious Fraud Office, were charged with conspiring to defraud between June 2005 and August 2007. Previous cases had been linked to interest-rate benchmarks tied to the Japanese yen.

A lawyer for Stylianos Contogoulas, Roland Ellis, reported his client “intends to defend the allegations” against him, according to Bloomberg News. Spokesman for Barclays, Will Bowen, declined to comment. The Serious Fraud Office reported that the defendants are scheduled to appear at a London criminal court on February 26.

  
What
Where


There are parallel criminal probes running in the U.S. and U.K. It has been reported that firms including Barclays and UBS have been fined a total of around $6 billion for manipulating benchmark interest rates. Previously, the U.S. charged Tom Hayes, a former UBS AG and Citigroup AG banker, and former RP Martin brokers Terry Farr and James Gilmour.

In 2009 it was reported that Barclays received billions of dollars from its insurance arrangements with AIG, including US$8.5 Billion from funds provided by the United States to bail out AIG. As of December 31st of 2011 Barclays had total assets of US $2.42 trillion, the seventh-largest of any bank worldwide. The charges against the trio are related to yen Libor but their circumstances do seem shady altogether.

Image Credit: www.theguardian.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Corporate and Federal Taxation Attorney

USA-NC-Winston Salem

Spilman Thomas & Battle, PLLC is currently seeking an experienced corporate and federal taxation att...

Apply now

Associate Principal Data Analyst, Data Privacy

USA-MD-Rockville

The Data Privacy & Protection Office (the Privacy Office) is responsible for ensuring that FINRA mee...

Apply now

Principal Counsel, Ethics

USA-DC-Washington

The Ethics / Code of Conduct Office (the Ethics Office) is responsible for ensuring that FINRA execu...

Apply now

Associate General Counsel, Labor & Employment

USA-DC-Washington

The Associate General Counsel, Labor and Employment provides legal counseling to the company on empl...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Family Law and Estate Planning Attorney

USA-NH-Nashua

Nashua office of our client seeks family law and estate planning attorney with 3-10 years of experie...

Apply Now

Civil Defense Attorney

USA-WI-Waukesha

Waukesha office of our client seeks civil defense attorney preferably with 7 years of litigation exp...

Apply Now

Senior Litigation Associate Attorney

USA-GA-Atlanta

Atlanta office of our client seeks senior litigation associate attorney with 8+ years of experience ...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top