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2 British Ex-Bankers Convicted in US in Interest Rate Trial
Source: Associated Press
2 British Ex-Bankers Convicted in US in Interest Rate Trial
By THE ASSOCIATED PRESS NEW YORK — Nov 5, 2015, 12:08 PM ET
Two British ex-bankers were convicted of all charges when a jury in New York City agreed that they conspired to influence interest rates in a manner that would earn money for their bank.
The verdict was returned Thursday in Manhattan federal court against Anthony Allen and Anthony Conti.
The U.S. Justice Department accused the men of abusing their positions at the Dutch bank Rabobank to manipulate interest rates.
Government lawyers said they were able to do so because Rabobank was one of the banks that submitted an estimate of what it cost for banks in London to borrow from one another. The Long Interbank Offered Rate, or LIBOR, was used as a benchmark in setting interest rates around the world.
Sentencing was scheduled for March.
By THE ASSOCIATED PRESS NEW YORK — Nov 5, 2015, 12:08 PM ET
Two British ex-bankers were convicted of all charges when a jury in New York City agreed that they conspired to influence interest rates in a manner that would earn money for their bank.
The verdict was returned Thursday in Manhattan federal court against Anthony Allen and Anthony Conti.
The U.S. Justice Department accused the men of abusing their positions at the Dutch bank Rabobank to manipulate interest rates.
Government lawyers said they were able to do so because Rabobank was one of the banks that submitted an estimate of what it cost for banks in London to borrow from one another. The Long Interbank Offered Rate, or LIBOR, was used as a benchmark in setting interest rates around the world.
Sentencing was scheduled for March.
http://abcnews.go.com/US/wireStory/british-bankers-convicted-us-interest-rate-trial-34996848
