Ex-Barclays traders plead not guilty

The criminal trial of five former Barclays bankers accused of conspiring to manipulate Libor started this week, in the latest case in the lengthy global probe into benchmark-rigging to reach the courts.

The Daily Telegraph reports that the Serious Fraud Office, which has spent four years pursuing traders involved in setting inter-bank lending rates, alleges that the men agreed to make false submissions for the dollar Libor benchmark between 2005 and 2007 in order to benefit the bank’s trades.

Jonathan Mathew, Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich have pleaded not guilty to conspiracy to defraud.

The trial at Southwark Crown Court is expected to last three months. The case comes after six brokers were acquitted in January, in a setback to the SFO’s strategy of chasing traders through the criminal courts.

To access the complete Daily Telegraph article hit the link below:

Ex-Barclays five face Libor-rigging charges

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