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Three former Barclays traders convicted in London Libor rigging trial

Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a success for the UK's Serious Fraud Office (SFO).

Calcutta-born Jay Merchant, 45, the most senior of the men on trial, was convicted unanimously while 35-year-old British former Libor submitter Jonathan Mathew and former trader Alex Pabon, a 38-year-old American, were found guilty by a majority verdict after a 10-week trial at Southwark Crown Court.

Pedestrians pass 30 South Colonnade, centre, where the London interbank offered rate, or Libor, was set daily.
Gill Allen | Bloomberg | Getty Images
Pedestrians pass 30 South Colonnade, centre, where the London interbank offered rate, or Libor, was set daily.

A second Libor submitter, 61-year-old Peter Johnson, had pleaded guilty. The men are expected to be sentenced on Thursday.

Reporting restrictions on the verdicts were lifted on Monday after the jury failed to reach a verdict on two other defendants.

The verdicts come four years after Barclays became the first of 11 powerful banks and brokerages to be slapped with a hefty fine over rate fixing allegations, sparking a political and public backlash that forced out charismatic former CEO Bob Diamond, an overhaul of Libor rules and the criminal inquiry.

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