A former Barclays trader, charged with conspiring to rig Euribor benchmark interest rates, told a London jury on Tuesday that his superior had told him to ask colleagues for rates that would benefit the bank - and he was never told that was dishonest.
Reuters reports that Italian-born Carlo Palombo, 39, who is now a teaching assistant at the University of California, told London’s Southwark Crown Court that he had learnt about trading euro swaps on the job, reporting to co-defendant Philippe Moryoussef.
Watched by his wife and family in the public gallery, Palombo was the first defendant to give evidence in the fifth Serious Fraud Office (SFO) prosecution of traders for alleged rate rigging. The trial is expected to last until the end of June.
In the meantime, the news agency also reports that Germany’s federal supreme court on Tuesday sentenced a former Deutsche Bank employee to three years in prison for his role in a carbon emission permit trading scheme designed to curb global warming but used to fraudulently collect tens of millions of euros of sales tax.
The ruling by the Federal Court of Justice affirmed the 2016 lower-court conviction of Helmut Hohnholz, formerly a regional sales manager with Deutsche’s global markets division.