One of five former Barclays traders accused of rigging benchmark interest rates extended an open invitation to his bar on a Greek island and offered a glowing mention in his memoirs in exchange for help keeping Libor where he wanted it, U.K. fraud prosecutors said at a London trial.
"When I quit this business and write a book about it all, I will write good things about you, he-he," Stylianos Contogoulas said in a January 2006 message to co-conspirator Peter Johnson that was read out by a lawyer for Britain’s Serious Fraud Office.
Bloomberg News reports that Jonathan Mathew, 35, Contogoulas, 44, Jay Merchant, 45, Alex Pabon, 37, and Ryan Reich, 34, all deny the charges of conspiracy to defraud with other Barclays employees between June 1, 2005 and August 31, 2007. The group of five traders are accused of "cheating" the system by doing something "they must have known was dishonest," prosecutors said.
There were 170 requests to change the rate during the indictment period, lawyers for the prosecution said.
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