Serious Fraud Office
EURIBOR bankers ordered to pay over £1.2 million
Two men convicted for manipulating the Euro Interbank Offered Rate (EURIBOR) have been ordered to pay over £1.2million in confiscation orders and costs.
HHJ Gledhill ordered Colin Bermingham to pay prosecution costs of £300,000, within 24 months and ordered Carlo Palombo to pay prosecution costs of £725,000 within 24 months. Palombo was also ordered to pay a confiscation order of £182,000 within three months, or he will face a 30 month default sentence.
Palombo and Bermingham are currently serving respective prison sentences of four and five years in prison for their role in the conspiracy to manipulate interest rates at the height of the financial crisis, after being found guilty in March 2019.
Notes to editors
- Colin Bermingham and Carlo Palombo were found guilty of conspiracy to defraud on 28 March 2019.
- The judge made the orders over a three day hearing at Southwark Crown Court, which concluded recently, 4 March 2020.
- There is more information on this case and related convictions on our website.
Latest News from
Serious Fraud Office
SFO announces investigation into the Raedex Consortium group of companies09/04/2021 13:05:00
The SFO is investigating suspected fraud in relation to the activities of the Raedex Consortium, including the companies Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars.
Fourth oil executive sentenced for paying bribes to win a multi-million pound contract in post-occupation Iraq02/03/2021 13:05:00
Paul Bond was yesterday sentenced to three and half years’ imprisonment for conspiring with others to bribe Iraqi public officials to secure lucrative oil contracts in post-occupation Iraq.
SFO charges former biodiesel trader with fraud and money laundering26/02/2021 13:05:00
The SFO has charged biodiesel trader Gianni Rivera with fraud and money laundering in connection with its investigation concerning the sustainable fuel sector.
SFO closes British American Tobacco (BAT) Plc investigation15/01/2021 15:33:00
Following extensive investigation and a comprehensive review of the available evidence, the SFO has concluded its investigation into British American Tobacco, its subsidiaries and associated persons.
Former senior Petrofac executive pleads guilty to bribery offences15/01/2021 12:25:00
In connection with the SFO’s ongoing investigation into Petrofac Limited and its subsidiaries (Petrofac), David Lufkin, a British national and the former Global Head of Sales at Petrofac, yesterday pleaded guilty at Westminster Magistrates’ Court to three counts of bribery.
SFO secures £1.2m following investigation into West London property linked to Brazilian bribery scandal16/11/2020 13:05:00
The SFO recently (12 November 2020) secured £1,198,424.78 from Julio Faerman, the owner of a £4.25m luxury apartment in West London which the SFO suspected to have been partly purchased with the corrupt funds of its owner’s criminal conduct.
SFO enters into Deferred Prosecution Agreement with Airline Services Limited02/11/2020 13:05:00
The Serious Fraud Office has entered into a Deferred Prosecution Agreement (DPA) with Airline Services Limited (ASL) having recently (30 October 2020) received final approval from Mrs Justice May.
Serious Fraud Office releases guidance on Deferred Prosecution Agreements26/10/2020 13:05:00
The SFO recently (23 October 2020) published a chapter from its handbook which offers comprehensive guidance on how we approach Deferred Prosecution Agreements (DPAs), and how we engage with companies where a DPA is a prospective outcome.