On July 4, 2016, the UK’s Serious Fraud Office announced that Jonathan James Mathew, Jay Vijay Merchant and Alex Julian Pabon had been convicted by a jury at Southwark Crown Court of conspiracy to defraud for manipulation of the US Dollar LIBOR. The three individuals are all former employees of Barclays Bank Plc, which was fined £59.5m by the FCA in 2012 for misconduct relating to benchmark submissions. No verdicts were reached for two co-defendants, Stylianos Contogoulas and Ryan Michael Reich, and the SFO is seeking a retrial, as announced on July 6, 2016. Sentences for the three convicted individuals were announced on July 7, 2016—Jonathan James Mathew was sentenced to four years’ imprisonment, Jay Vijay Merchant was sentenced to six and a half years’ imprisonment and Alex Julian Pabon was sentenced to two years and nine months’ imprisonment.
The SFO’s first announcement is available at: https://www.sfo.gov.uk/2016/07/04/libor-traders-submitters-found-guilty/, the SFO’s second announcement is available at: https://www.sfo.gov.uk/2016/07/06/sfo-seek-retrial-two-former-libor-traders/ and the SFO’s sentencing announcement is available at: https://www.sfo.gov.uk/2016/07/07/convicted-libor-manipulators-sentenced/.