The UK Serious Fraud Office (SFO) has secured two convictions but failed with one prosecution in its latest interest rate manipulation case.
Colin Bermingham, former Managing Director at Barclays, has been convicted of manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis. His conviction came days after the conviction of Barclays' former Vice President of Euro Rates, Carlo Palombo, and the acquittal of senior Barclays manager, Sisse Bohart.
Bermingham and Palombo were found by a jury to have conspired together with former Principal Trader at Deutsche Bank, Christian Bittar and former Barclays Director Phillipe Moryoussef to submit false or misleading EURIBOR submissions to change the published rate and benefit their positions.
Christian Bittar and Phillipe Moryoussef were convicted of and sentenced for the same conspiracy in July 2018.
The SFO started investigating allegations of the manipulation of the EURIBOR and LIBOR (London Interbank Offered Rate) interest rates in 2012. The case of Bermingham, Palombo and Bohart has taken a long time and two trials to resolve.
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