Star former Barclays trader convicted of Euribor rate rigging

Philippe Moryoussef (pictured centre) was found guilty of conspiracy to defraud (Source: Getty)

A former Barclays star trader has been found guilty of rigging the Euribor rate while the jury failed to reach a verdict on three other traders today.

Former Barclays trader Philippe Moryoussef was found guilty of conspiracy to defraud on June 29.

Deutsche Bank trader Achim Kraemer was earlier found not guilty of the same offence.

Read more: Ex-Barclays trader accused of Euribor fraud was 'lowballing' whistleblower

However, the ongoing trial of three other defendants, former Barclays traders Carlo Palombo, Colin Bermingham and Sisse Bohart, meant the earlier verdicts could not be reported for fear of prejudicing the trial.

A jury could not reach a verdict on Palombo, Bermingham and Bohart and was discharged today.

Moryoussef was tried in his absence after refusing to attend court for the trial. In a statement today his lawyer said he would appeal to the European Court of Human Rights.

"At this stage, Philippe Moryoussef reserves his explanations and his defences to the French courts who are fully aware of his judicial situation," the statement said.

The case "violates both international procedural standards and the objective of judicial cooperation in Europe.

"Therefore, Philippe Moryoussef will eventually refer this procedure to the European Court of Human Rights," the statement said.

Read more: Former Barclays trader likens position at bank to working at McDonald's

Kraemer said in a statement: "I have always maintained my innocence of the charge against me and I am very pleased that today's decision has vindicated my position. I'm very grateful to the jury for the dedication and effort that they have put into dealing with my trial.

Finally, and most importantly, I would like to thank my family and all my friends for supporting me throughout this period. They were there for me when I needed them the most and never lost their belief in me, or my innocence. I would now ask for my privacy to be respected to enable me to rebuild my life and resume my career."

Mark Thompson, director of the SFO said: “The jury has decided that Phillipe Moryoussef, alongside Christian Bittar who pleaded guilty before the trial began, dishonestly manipulated EURIBOR. In doing so, they damaged trust in an important system which sets the rates for $180 trillion worth of financial products.

“They were senior figures who abused their positions for personal gain and to advantage the banks they worked for.”

The two convicted traders will be sentenced on 20 July.

Read more: The system was flawed, says lawyer for trader accused of Euribor rigging

The trial kicked off in April at Southwark Crown Court after the Serious Fraud Office (SFO) charged the traders in January 2016.

Former Deutsche Bank star trader Christian Bittar pleaded guilty to the charges on 2 March in advance of the trial.

The SFO opened its investigation into allegations of Euribor rigging in June 2012, when it undertook similar probes in allegations of fixing around the UK's benchmark, Libor.

The SFO originally planned to charge 11 Deutsche Bank, Barclays and Societe Generale traders in the Euribor case. However, five men from Germany and France did not attend a London court hearing to be formally charged in 2016 and they have not been subsequently extradited.

The SFO has until 20 July to decide if it wants a re-trial.

Legal line up

Counsel for the Prosecution:

James Waddington QC
Emma Deacon QC
Dominic Lewis

Counsel for the Defence:

For Moryoussef: Francois De Castro of Avocat Associe
For Palombo: Sean Larkin QC, John Hartley of Hodge Jones & Allen
For Bermingham: Clare Sibson QC, Clare Goodman of Slater and Gordon
For Bohart: Amanda Pinto QC, John Milner of IBB Solicitors
For Kraemer: Duncan Penny QC, Ian Ryan of Howard Kennedy

Related articles