Banker, Carlo Palombo at Westminster Magistrates court in London, Britain, January 11, 2016. Eleven former Deutsche Bank , Barclays and Societe Generale employees are due on Monday to become the first people charged formally with conspiracy to rig Euribor, an international benchmark used to set interest rates on a wide range of financial products, including mortgages. REUTERS/Peter Nicholls
March 26, 2019
By Kirstin Ridley
LONDON (Reuters) – One former Barclays trader has been convicted by a London jury of conspiring to rig global Euribor interest rates.
After around five days of deliberations, a jury of nine men and three women on Tuesday found Anglo-Italian Carlo Palombo, 40, guilty after a two-month trial at Southwark Crown Court. His heavily-pregnant wife burst into tears in the public gallery.
Co-defendant Sisse Bohart, a 41-year-old Dane who also once worked at Barclays, was acquitted.
In London’s sixth rate-rigging trial, the defendants were charged with dishonestly manipulating Euribor (the euro interbank offered rate) – a benchmark that helps determine rates on more than $150 trillion of global financial contracts and loans – between 2005 and 2009.
Palombo will be sentenced later.
(Reporting by Kirstin Ridley; Editing by David Evans)