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Three Barclays Traders Found Guilty in LIBOR Case

LIBOR is a critical rate in global finance and affects trillions of dollars in contracts including mortgages and bonds
By The News · 04 of July 2016 08:12:28
Former Barclays employee Jonathan Mathew arrives at Southwark Crown Court in London March 3, 2014, No available, photo: Reuters/Toby Melville

Former Barclays trader Jay Merchant arrives at Southwark Crown Court in London May 29, 2014. REUTERS/Andrew Winning/Files

Former Barclays trader Jay Merchant arrives at Southwark Crown Court in London May 29, 2014. Photo: Reuters/Andrew Winning

LONDON — 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.

Former Barclay's trader Alex Pabon arrives at Southwark Crown Court in London, Britain April 4, 2016. REUTERS/Stefan Wermuth/Files

Former Barclay’s trader Alex Pabon arrives at Southwark Crown Court in London, Britain April 4, 2016. Photo: Reuters/Stefan Wermuth, File

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