British bankers convicted in Rabobank Libor trial
Two British bankers have been convicted by a New York jury of committing wire fraud by misreporting Libor rates.
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The former Rabobank traders, Anthony Allen and Anthony Conti, are the first to go to trial in the US for Libor manipulation, according to BBC news.
13 people have been charged in the US so far for their part in the scandal.
Leslie Caldwell, head of the Justice Department's criminal division, said:
"Today's verdicts illustrate the department's successful efforts to hold accountable bank executives responsible for this global fraud scheme."
Earlier this year the FCA banned former Rabobank traders, Lee Stewart and Paul Robson, from UK financial services following criminal convictions for fraud in the US after conspiring to manipulate Rabobank’s US Dollar Libor submissions.
In August, city trader Tom Hayes was convicted of rigging Libor rates at Southwark crown court. The former former UBS and Citigroup was found guilty of eight counts of conspiracy to defraud after conspiring to fix the Libor rate between 2006 and 2010.
He was sentenced to a total of 14 years in prison and was the first UK trader to be convicted over the Libor rate rigging scandal.
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