Libor Trial Update: Six brokers cleared of charges, claimed they were made ‘scapegoats’

As Darell Read, the last of the six brokers, was photographed walking away from the courtroom that cleared him of the scandalous Libor lending rate issue, his fellow tried brokers called their trial a sham criticizing how the Serious Fraud Office handled the investigation.

The other defendants Danny Wilkinson, Colin Goodman, Noel Cryan, Jim Gilmour and Terry Farr, along with Darell Read were all accused of helping the former UBS and Citigroup trader Tom Hayes, who is currently locked up and serving 11 years in prison, to rig London interbank offered rate (Libor) by manipulating the rate that the banks are using to lend money to one another, as published in The Guardian.

BBC reports Noel Cryan has said the trial has turned their lives "upside down." Cryan further said, "Realistically, we should never have been here. We feel we've been scapegoated. There are things to be answered but we are not the ones who should be answering them. Cryan also said "The SFO needs to question whether they should have spent that much time and money bringing this case against six money brokers."

The director of the SFO, David Green, however defended the case saying "The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes."

According to Sky News people at London's Southwark Crown Court cheered and applauded when the verdict that cleared Read was read. The same went for all the trading floors all across London as stated by Matthew Farkland, a lawyer for one of the defendants. Farkland, who defended Wilkinson, also said that the tried brokers "are relatively junior within the different organisations, with more senior people not being held to account."

The six brokers, who were called "Lord Libor" and "Big Nose" when the scandal erupted, were accused of repeatedly responding to Hayes' emails or instant messages regarding getting help for the Libor rates. They were also alleged to have been paid extra commission by Hayes. 

Tags

Libor Trial, Darell Read, Libor lending rate issue, brokers, SFO, London, scapegoats

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