Image: Barclays plcThree former Barclays bankers have been found guilty of manipulating the Libor interest rate over a two-year period between 2005 and 2007.
Jay Merchant, 45, Jonathan Mathew, 35, and Alex Pabon, 38, were all found guilty at Southwark Crown Court on Monday following a trial that lasted 10 weeks. Merchant received a unanimous verdict from the jury, while Matthew and Pabon received majority verdicts.
The jury was unable to reach a verdict on two others; Ryan Reich, 34, and Stelios Contogoulas, 44.
The three guilty men will be sentenced on Thursday. They join former City trader Tom Hayes, who was sentenced to 14 years in prison in August. He was seen as the 'ringleader' in the manipulation of the Libor rate.
Responsible for trillions of pounds worth of trades, even minor changes to the London Interbank Offered Rate could result in huge financial gains for those who sought to manipulate it. During Hayes' trial, evidence suggested the rate could be rigged for as little as a Mars bar as form of payment.
The Serious Fraud Office must now decide whether or not to bring Reich and Contogoulas back for a retrial.
