Serious Fraud Office
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SFO concludes investigation into LIBOR manipulation

The Serious Fraud Office yesterday announced the closure of its investigation into LIBOR manipulation.

Following a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in this case. This decision was taken in line with the test in the Code for Crown Prosecutors.

The SFO’s investigation into LIBOR manipulation has seen charges of conspiracy to defraud brought against 13 individuals. In October 2014, Peter Johnson pleaded guilty to manipulating the US Dollar LIBOR, the first criminal conviction for a LIBOR offence in the UK. Jonathan Matthew, Jay Merchant and Alex Pabon were convicted by a jury of the same charges in July 2016. In August 2015, Tom Hayes was convicted on eight counts of conspiracy to defraud in relation the manipulation of Japanese Yen LIBOR.

Between January 2016 and April 2017, six individuals were acquitted by jury of manipulating Yen LIBOR and two acquitted of manipulating US Dollar LIBOR.

All strands of the SFO’s investigation into LIBOR manipulation are now closed.

Notes to editors:

  1. Aspects of the SFO’s investigation into the manipulation of the Euro Interbank Offered Rate (EURIBOR) remain open.
  2. SFO General Counsel Sara Lawson QC made the decision to close the case because Lisa Osofsky, the Director of the Serious Fraud Office, is recused from this case.
  3. The SFO makes charging decisions on the basis of the test in the Code for Crown Prosecutors. This specifies that the evidence must support a realistic prospect of conviction and that the prosecution must be in the public interest. In this instance, after an extensive and careful examination of the available evidence, the SFO found that no further charges passed the Code Test.
  4. More information on the SFO’s investigation into LIBOR manipulation can be found here.
  5. The investigation was announced on 6 July 2012.


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