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 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.
SFO confirms DPA in principle with Airline Services Limited23/10/2020 11:25:00
The Serious Fraud Office has reached a Deferred Prosecution Agreement (DPA) with Airline Services Limited (ASL), subject to final approval by the court.
Future Challenges in Economic Crime: A View from the SFO09/10/2020 16:38:00
Lisa Osofsky yesterday spoke at the Royal United Services Institute.
Former Unaoil executive sentenced for paying bribes to win $1.7bn worth of contracts09/10/2020 12:33:00
Basil Al Jarah was yesterday sentenced to three years and four months’ imprisonment for paying in excess of $17m in bribes to dishonestly secure approximately $1.7bn worth of contracts in post-occupation Iraq.