Jonathan Mathew, one of the ex-Barclays employees accused of manipulating a key benchmark interest rate, is on trial merely for following the orders of a bullying boss, according to his lawyer.
Bloomberg News reports that Mathew, who joined Barclays when he was 19 and worked in IT before moving to the money desk, was trained "on the job by a man who had been in the job for longer than he had been alive," Bill Clegg, his lawyer, said in a London court Friday.
Mathew, 35, Stylianos Contogoulas, 44, Jay Merchant, 45, Alex Pabon, 37, and Ryan Reich, 34, all deny conspiracy to defraud charges dating from June 1, 2005 to Aug. 31, 2007.
The traders are accused of “cheating” the system by doing something “they must have known was dishonest,” prosecutors said. It’s the third criminal trial in the U.K. of bankers and brokers accused of rigging benchmark rates underpinning trillions of dollars in securities and loans.
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