In the latest trial relating to manipulation of the Euribor benchmark interest rate to which over $150 trillion of financial products are referenced, Carlo Palombo and Colin Bermingham were convicted and Sisse Bohart was acquitted. Bermingham was sentenced to 5 years and Carlo Palombo to 4 years imprisonment on 1st April.
This was a re-trial following the failure of a previous jury to reach verdicts in their cases.
In earlier proceedings, Christian Bittar, a derivatives trader at Deutsche Bank, pleaded guilty and was sentenced to 5 years and 4 months imprisonment and Philippe Moroyoussef, a derivatives trader at Barclays Bank was convicted in his absence and sentenced to 8 years imprisonment.
Bermingham, as the senior cash trader in euros at Barclays Bank was in charge of making submissions on behalf of Barclays into the Euribor rate-setting process. Bohart was his junior. Palombo was another derivatives trader at Barclays who made requests of Bermingham for submissions which helped the derivatives traders to dishonestly profit from their interest rate deals at the expense of their counter-parties.
The prosecution was led by James Waddington QC, together with Emma Deacon QC and Dominic Lewis of 5 Paper Buildings.
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