4 ex-Barclays employees jailed for Libor fraud

The New York-based former derivatives trader was convicted unanimously. Both men deny any wrongdoing.

Three former Barclays' employees were last week found guilty of conspiracy to defraud while Libor submitter Peter Johnson, 61, of Tunbridge Wells, admitted the same charge in October 2014.

He was also ordered to pay a £114,501.19 confiscation order within 14 days or risk a default sentence of two and a half years, as well as £30,000 in costs.

A London court has sentenced four former Barclays traders to prison.

They are the latest prosecutions by the United Kingdom's courts in connection with Libor rigging. The broker was sentenced to 11 years in prison. But, he said, he didn't agree with arguments he should show leniency because of the many traders involved that haven't been prosecuted and the shorter prison sentences handed out for the behavior in the U.S.

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A lawyer for Pabon declined to comment.

The judge said the men had been spurred on by the desire to boost their careers and chances of job promotion rather than immediate financial gain.

Between 2005 and 2007, 16 banks, including Barclays, submitted daily estimates of borrowing rates to the British Banker' Association, which used them to calculate Libor.

The traders were dealing with "eye-watering" sums of money when they manipulated the rate between 1 June 2005 and 31 August 2007, said the prosecutor James Hines QC.

He said there was "little doubt" that Johnson had been instructed to reduce Libor submissions by senior Barclays management keen to paint a rosier picture of its financial health in a practice that has become known as "low-balling".

  • Delia Davidson