Fraud squad calls for retrial for two ex-Barclays traders for Libor-rigging offences

Hayley Kirton
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The ex-traders previously worked at Barclays (Source: Getty)

The fraud squad has today announced it is seeking a retrial for two ex-Barclays traders accused of Libor-rigging offences.

Stylianos Contogoulas, 44, and Ryan Reich, 34, have been charged with conspiracy to defraud in relation to manipulating US-dollar linked Libor between June 2005 and September 2007.

The pair previously stood trial for the offence, but the jury was unable to agree on a verdict.

Contogoulas’ and Reich’s original trial started in April and ran until 20 June, when the jury was sent out for deliberation. The jury was then discharged earlier this week.

The Serious Fraud Office (SFO) had a fortnight from the date the jury was discharged to confirm whether it wanted to retrial the duo, although it took just two days to announce the decision.

Adrian Waterman QC, a barrister at Doughty Street chambers, told City A.M. that the short period of time between the jury being discharged and the retrial being sought "is not uncommon and it is possible that it was a relatively straightforward decision".

Meanwhile, Michael Ruck, financial services enforcement and investigations lawyer at Pinsent Masons, said: “Any decision regarding seeking a retrial following discharge of a jury who were unable to reach a verdict requires careful consideration of various factors, including the public interest in seeking a retrial and any potential prejudice to defendants previously tried. The time taken in this matter reflects these various factors being considered.”

The initial trial was heard at Southwark Crown Court.

The SFO has brought the case as part of its ongoing investigation into the Libor-fixing scandal. The investigation began four years ago.

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