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Convicted LIBOR manipulators sentenced

7 July, 2016 | News Releases

Four former Barclays Bank plc employees have been sentenced to a total of 17 years in prison following their convictions manipulating US Dollar LIBOR.

Jonathan James Mathew, a LIBOR submitter, was sentenced to four years in prison.

Jay Vijay Merchant and Alex Julian Pabon, both LIBOR traders, were sentenced to six and a half years and two years and nine months, respectively.

Mathew, Merchant and Pabon were convicted of conspiracy to defraud by a jury after an 11 week trial. Further details on their convictions can be found here.

Peter Charles Johnson, a submitter, pleaded guilty to conspiracy to defraud in October 2014. He was sentenced to four years in prison.

In passing sentence HHJ Leonard QC said that the culpability of the defendants was high and their behaviour showed “an absence of integrity.”

Johnson was ordered to pay £114,501.19 confiscation order within 14 days or risk a default sentence of 2.5 years. He was also ordered to pay £30,000 in costs. Confiscation proceedings against the other individuals have been adjourned to a later date.

The SFO is seeking a retrial of two co-defendants Stylianos Contogoulas and Ryan Michael Reich.

Notes to editors:

  1. Peter Johnson’s guilty plea was the first criminal conviction arising from the SFO’s LIBOR investigation. For further details, click here. Please note that a court order restricting the reporting of Johnson’s guilty plea was lifted on 11 May 2016.

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