FIN. TeamThe Senior Fraud Office (SFO) announced that 2 former senior bankers at Barclays, 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.
The senior bankers conspired together with a 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.
The SFO commented that although the fraud took place between London, Frankfurt and Paris, the impact of their actions is far-reaching and has been felt across the globe.
