A U.S. judge on Monday acquitted a former top foreign exchange trader at Barclays accused of illegally trading ahead of an $8 billion transaction for Hewlett-Packard Co, without letting the case go to a jury.
Reuters reports that the acquittal of Robert Bogucki, who led Barclays’ foreign exchange trading desk in New York, by U.S. District Judge Charles Breyer in San Francisco sets back federal efforts to hold senior bankers and traders criminally responsible for suspected misconduct.
It also marks a rare instance of such a case being tossed out immediately after the prosecution presented its case at trial, because the evidence was too weak to support a conviction. Bogucki’s trial began on February 21st.
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