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!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid to Senior Level Labor and Employment Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid to senior level labor and employment attorney.

Apply Now

Mid-Level Commercial Business Litigator

USA-CA-Los Angeles

Los Angeles office is seeking a commercial business litigation attorney with 2-5 years of experience...

Apply Now

Estate Planning Attorney

USA-CA-Los Angeles

Los Angeles office of our client seeks estate planning attorney with 4+ years of experience in admin...

Apply Now

Juvenile Dependency Law Associate Attorney

USA-CA-Arcadia

Arcadia office of our client seeks juvenile dependency law associate attorney with experience. The c...

Apply Now

RELEVANT JOBS

Attorney

USA-FL-Fort Lauderdale

Looking for attorney with a minimum  of two years experience.  Practice areas are primaril...

Apply now

Entertainment Attorney

USA-CA-West Hollywood

STREAMLINE GLOBAL GROUP IS HIRING   ROLE: Entertainment Attorney(In House)   ...

Apply now

Legal Assistant

USA-FL-Fort Myers

Do you love a fast-paced, go-go-go environment? Are you an upbeat, happy person? Are you self-direct...

Apply now

Attorney

USA-MO-Jefferson City

The Missouri Department of Transportation (MoDOT) has a vacancy for a staff attorney in its Central ...

Apply now

SEARCH IN ARCHIVE

To Top