Former Barclays traders Carlo Palombo and Colin Bermingham have been sentenced to nine years in prison for conspiring to manipulate the EURIBOR reference rate at the height of the financial crisis.
The pair, who were found guilty following an investigation by the Serious Fraud Office (SFO), 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. SFO director Lisa Osofsky said the men had "deliberately undermined the integrity of the financial system to line their pockets and advance the interests of their employers". She added: "We are committed to tracking down and briging to justice those who def...
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