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Six former brokers accused of conspiring to rig LIBOR were acquitted this week by a jury following a four-month trial.
The Serious Fraud Office (SFO) alleged that all six defendants – who between them worked for ICAP, RP Martin Holdings, and Tullett Prebon – conspired with former trader Tom Hayes to defraud by agreeing, upon instruction by Hayes, to influence the submissions of panel banks in the Yen LIBOR setting process.
Hayes was convicted last year and ultimately sentenced to 11 years’ imprisonment.
A legal expert speaking to Finance Magnates said that the defense turned what the SFO believed was strong evidence against the ... (read more)