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Confiscation order reached in EURIBOR manipulation case

20 December, 2018 | Statements

Today, Phillippe Moryoussef, 50, was ordered in absentia by the court to pay a confiscation order of £77,354.26 within 3 months or face a further custodial sentence  of 3 years.

Moryoussef’s confiscation order adds to the £2.5m confiscation order already recovered from co-conspirator Christian Bittar.

Moryoussef was also ordered to pay the SFO’s costs of £597,754.

Christian Bittar, former Principal Trader (Managing Director) at Deutsche Bank and Moryoussef, formerly of Barclays Bank conspired together to submit false or misleading EURIBOR submissions for personal gain and to advantage the banks they worked for.

Together, the convicted men were sentenced to a total of 13 years in July this year.

 Notes to editors:

  1. French national Philippe Moryoussef was tried in absentia and found guilty on 29 June 2018 by a jury. He was sentenced to eight years imprisonment for his part in manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis.
  2. For more background on the case please see here.