Senior bankers sentenced to 9 years for rigging EURIBOR rate

Monday 01 Apr 2019 @ 16:25
Serious Fraud Office

Today Carlo Palombo and Colin Bermingham were sentenced to a total of 9 years imprisonment at Southwark Crown Court for manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis.

Palombo former Barclays Vice President of Euro Rates and Bermingham, former Managing Director at Barclays 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.

Lisa Osofsky, Director of the Serious Fraud Office said:

“These men deliberately undermined the integrity of the finanical system to line their pockets and advance the interests of their employers.

“We are committed to tracking down and briging to justice those who defraud others and abuse the system.”

Click here for the full press release

Channel website: https://www.sfo.gov.uk/

Original article link: https://www.sfo.gov.uk/2019/04/01/senior-bankers-sentenced-to-9-years-for-rigging-euribor-rate/

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