Former Barclays traders charged in Libor probe
THREE ex-Barclays traders were charged in relation to the fraud squad’s Libor probe yesterday.
The action doubles the number of financiers facing criminal proceedings over the attempts to manipulate the key inter-bank lending rate, after a former UBS banker and two ex-RP Martin brokers were charged last year.
It is understood that more ex-bankers and brokers are likely to be charged this month.
Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas are alleged to have conspired to defraud between 1 June 2005 and 31 August 2007, the Serious Fraud Office (SFO) said.
Johnson and Mathew worked at Barclays until September 2012, while Contogoulas was at the bank until 2006, when he moved to Merrill Lynch.
Barclays and Bank of America Merrill Lynch declined to comment.
At the time Merrill Lynch did not submit rates to set Libor.
Barclays was the first bank to pay a fine over allegations of attempted Libor rigging, giving British and American authorities a total of £290m in June 2012.
The case led to the resignation of then-CEO Bob Diamond and chairman Marcus Agius.
Since then bank including UBS and RBS have also been fined, while brokers including ICAP have also been hit.
Last year the SFO charged ex-UBS trader Tom Hayes and former RP Martin brokers Terry Farr and James Gilmour.
The first hearing for the former Barclays traders is expected to be at Westminster Magistrates on 26 February. Lawyers for the three were unavailable to discuss the case.