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LIBOR US Dollar (Barclays)

Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas were charged on 17 February 2014 with Conspiracy to Defraud. Jay Vijay Merchant, Alex Pabon and Ryan Michael Reich were charged on 28 April 2014 with Conspiracy to Defraud. The charges relate to an SFO investigation into the manipulation of US Dollar LIBOR.

Outcome of criminal case

Peter Johnson pleaded guilty in October 2014, the first criminal conviction for a LIBOR offence in the UK.

On 4 July 2016, Jonathan Mathew, Jay Merchant and Alex Pabon were convicted by a jury after an 11-week trial. The jury could not reach verdicts for two of their co-defendants, Stylianos Contogoulas and Ryan Reich.

On 3 March 2018, Alex Pabon had his conviction upheld by the Court of Appeal.


Following their convictions, Jonathan Mathew, Jay Vijay Merchant and Alex Julian Pabon were sentenced to four years, six and a half years and two years and nine months in prison, respectively.

Peter Johnson was sentenced to four years in prison and ordered to pay a confiscation order of £114,501.19 within 14 days or risk a default sentence of 2.5 years and £30,000 in costs.

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

On 22 February 2017 Jay Merchant and Jonathan Mathew both had their convictions upheld by the Court of Appeal but the court reduced the sentence of Jay Merchant to five and a half years.


On 9 February at Southwark Crown Court, Jonathan Mathew was ordered to pay £34,700.44, within 14 days and Alex Pabon was ordered to pay £2,300 within 14 days.

Jay Merchant satisfied his confiscation order in full on 21 December 2017.

Alex Pabon satisfied his confiscation order in full on 14 February 2017.

More information can be found in the ‘related press releases’ section.


The SFO sought a retrial for Stylianos Contogoulas and Ryan Reich which began on 27 February 2017. Both were acquitted by a jury of Conspiracy to Defraud charges at Southwark Crown Court on 5-6 April 2017.

More information can be found in the ‘related press releases’ section

Page published on 15 Jan 2015 | Page modified on 6 Feb 2019