A New York jury convicted two ex-Rabobank Groep traders of rigging a key financial benchmark in the first such trial since the government pledged in September to hold bankers accountable for wrongdoing.
Bloomberg News reports that the verdict in Manhattan federal court against Anthony Allen and Anthony Conti is certain to embolden prosecutors investigating possible corruption in the currency, precious metals and U.S. Treasury markets.
And after a London judge handed Tom Hayes, a former trader at UBS and Citigroup, a 14-year prison sentence for rigging Libor, it indicates that conduct some bankers once defended as routine could now land them behind bars.
Prevailing in a case against individuals was the next challenge for the U.S. Justice Department, which won $2bn in criminal settlements with firms including Rabobank for gaming Libor - the London interbank offered rate - a measure tied to more than $350tril in loans and securities.
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