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LIBOR defendants acquitted (update)

29 January, 2016 | News Releases

A sixth defendant has been found not guilty of conspiracy to defraud in connection with the SFO’s ongoing criminal investigation into the manipulation of LIBOR by a jury at Southwark Crown Court.

Five individuals were found not guilty of conspiracy to defraud by a jury at Southwark Crown Court on 27 January 2016.

Colin John Goodman, Danny Martin Wilkinson, Terry John Farr, James Andrew Gilmour and Noel Anthony Cryan were found not guilty of all charges following a four month trial.

The sixth defendant, Darrell Paul Read, was found not guilty on one count on 27 January 2016, but the jury continued to consider the case in respect of Mr Read on a further count. They subsequently found him not guilty of this remaining count on 28 January 2016.

Read, Goodman and Wilkinson are all former employees at ICAP Plc; Farr and Gilmour of RP Martin Holdings Limited; and Cryan of Tullett Prebon Group Ltd.

The SFO alleged that all six conspired with Tom Hayes, who was convicted after trial and sentenced last year, to defraud in that they agreed, upon instruction by Hayes, to influence the submissions of panel banks in the Yen LIBOR setting process.

Commenting on the case, Director of the SFO David Green CB QC said:

“The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes. By their verdicts the jury have said that they could not be sure that this was the case.  Nobody could sensibly suggest that these charges should not have been brought and considered by a jury.”

A further trial of individuals charged with the manipulation of US Dollar LIBOR is scheduled to begin on 15 February 2016, while a trial of individuals charged with the manipulation of the Euro Interbank Offered Rate (EURIBOR) is scheduled to begin on 4 September 2017.

The SFO would like to thank the Financial Conduct Authority, City of London Police, US Department of Justice, Commodity Futures Trading Commission and other law enforcement partners for the significant assistance provided in connection with this investigation.

Notes to editors:

  1. SFO Director David Green accepted the LIBOR matter for investigation on 6 July 2012, reversing a decision by his predecessor.
  2. It has, to date, charged 19 individuals as part of the investigation.
  3. Terry Farr, 44, and James Gilmour, 50, were arrested on 11/12/2012 and charged on 15/07/2013.
  4. Colin Goodman, 54, Darrell Read, 50, and Danny Wilkinson, 49, were requisitioned to attend court on 15/04/2014.
  5. Noel Cryan, 50, was requisitioned to attend court on 11/11/2014.
  6. The trial began on 6 October 2015. Mr Justice Hamblen invited the jury to retire to consider their verdicts on 26 January 2016.
  7. Details of Tom Hayes’ conviction and sentence can be found here. His conviction was later upheld but his sentence was reduced from 14 years imprisonment to 11 years.
  8. London Interbank Offered Rate, or LIBOR, is the average interest rate at which banks can borrow unsecured funds from one another in the London market. A huge number of investments and trades are referenced to LIBOR.  These transactions involve small businesses, large financial institutions and public authorities as well as individuals affected by the interest rates attached to a wide range of contracts including loans, savings rates and mortgages
  9. The Financial Services Act 2012 came into effect on 1 April 2013, making the administration of LIBOR a regulated activity overseen by the Financial Conduct Authority. The Act, which was not retrospective, made knowingly or deliberately making false or misleading statements in relation to benchmark-setting a criminal offence.

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