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Senior bankers sentenced to 9 years for rigging EURIBOR rate

1 April, 2019 | News Releases

Today Carlo Palombo and Colin Bermingham were sentenced to a total of 9 years imprisonment at Southwark Crown Court for manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis.

Palombo former Barclays Vice President of Euro Rates and Bermingham, former Managing Director at Barclays 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.

Lisa Osofsky, Director of the Serious Fraud Office said:

“These men deliberately undermined the integrity of the financial system to line their pockets and advance the interests of their employers.

“We are committed to tracking down and bringing to justice those who defraud others and abuse the system.”

Carlo Palombo was sentenced to 4 years. Colin Bermingham was sentenced to 5 years. Both will face a further hearing to determine costs and proceeds of crime action.

See how they did it

 

Notes to editors

    1. The Serious Fraud Office announced that it had decided to accept allegations of the manipulation of LIBOR and EURIBOR for investigation on 6 July 2012.
    2. More information on the investigation and related convictions is here.
    3. Counsel for the Prosecution
      1. James Waddington QC
      2. Emma Deacon QC
      3. Dominic Lewis
    4. Counsel for the Defence
      1. For Palombo: Sean Larkin QC
      2. For Bermingham: Andrew Thomas QC