Ex-Barclays banker convicted in Euribor rigging trial

Banker, Carlo Palombo at Westminster Magistrates court in London
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)

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