Former traders for Barclays and Deutsche Bank were sentenced to a combined 13 years in prison by a London judge for conspiring to rig interest-rate benchmarks.
Christian Bittar, a 46-year-old Deutsche Bank employee, was sentenced to five years and four months, while the man described by prosecutors as his fellow mastermind in manipulating the market, Barclay’s Philippe Moryoussef, received eight years. The 50-year-old Moryoussef was sentenced in absentia after staying in France to avoid the trial.
While Bittar and Moryoussef were friends who vacationed together and made millions coordinating derivative trades, their paths diverged in the weeks before the trial started in early April. Bittar pleaded guilty to the fraud charge, while Moryoussef left London, and has since indicated he will try to avoid the UK judicial system.
“Derivatives trading is often said to be a form of betting,” Judge Michael Gledhill said when sentencing Bittar. “You took the analogy further by loading the dice.”
On Thursday, Bittar agreed to pay $4.3 million in costs and penalties. The judge considered giving him nine years in prison but reduced it because of his guilty plea.
The Euribor trial brings the UK Serious Fraud Office’s seven-year investigation into interest rate rigging towards its end. Deutsche Bank and Barclays are among financial institutions that paid more than $9 billion in fines in the UK and US for the misconduct. SFO prosecutors won convictions for seven of the 19 individuals charged with rate-rigging offences. The jury that found Moryoussef guilty was unable to reach a verdict on three of his former colleagues.
"Both the banks and some of their employees fell far short” of standards, Judge Gledhill said. “Senior managers should’ve known what was going on and should’ve stopped it.”
UK prosecutors will seek a new trial in January for Colin Bermingham, Carlo Palombo, and Sisse Bohart in the case after the jury failed to reach a verdict on the three former Barclays traders. The panel found Deutsche Bank executive Achim Kraemer not guilty.
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Read more:
Three former Barclays traders convicted in London Libor rigging trial
Libor scandal: Trader’s criminal miscalculation ends with 14 years in prison
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The sentences for Bittar and Moryoussef are the latest in a wave of jail terms related to financial wrongdoing. Former UBS Group trader Tom Hayes is serving 11 years in prison for rigging Libor and in May, an ex-Deutsche Bank broker received a record four-and-a-half-year term for insider trading.
Bittar and Moryoussef’s crimes were committed between 2005 and 2009, when they were derivatives traders. They wanted to improve their trading position by convincing Euribor setters at their banks to enter higher or lower values, depending on what suited them.
Moryoussef was motivated by greed, the judge said.
“The evidence against Mr Moryoussef was overwhelming,” the judge said.
Euribor is the euro interbank offered rate, a benchmark made up by submissions for dozens of lenders, who measure the cost of borrowing between each other. The published value is the average of the submissions after the top and bottom 15 per cent have been eliminated.
The judge criticised the way Euribor was organised. The lack of clear instructions on how to set the rate was “at best foolhardy and at worst, negligent,” he said.
Prosecutors said Bittar was the best-paid trader they’d ever come across. He had developed such a powerful reputation that he was able to craft a deal to take home a slice of his earnings for the bank. In 2008 alone, his bonus was close to £90m (Dh428.5m).
EXPATS
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Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The five pillars of Islam
TYPES%20OF%20ONLINE%20GIG%20WORK
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More from Rashmee Roshan Lall
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
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Soldier F
“I was in complete disgust at the fact that only one person was to be charged for Bloody Sunday.
“Somebody later said to me, 'you just watch - they'll drop the charge against him'. And sure enough, the charges against Soldier F would go on to be dropped.
“It's pretty hard to think that 50 years on, the State is still covering up for what happened on Bloody Sunday.”
Jimmy Duddy, nephew of John Johnson
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The%20specs%20
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20Profile
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Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Match info:
Wolves 1
Boly (57')
Manchester City 1
Laporte (69')
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
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Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
