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SFO Charges Ten Over Euribor Rate Rigging

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The ten, who will appear in court next year, are the first people to be charged with manipulating the Euribor benchmark rate.

The Serious Fraud Office (SFO) is to charge Barclays and Deutsche Bank workers accused of rigging benchmark lending rate Euribor.

The SFO said the nine men and one woman would be charged with conspiracy to defraud.It named six Deutsche Bank employees to be charged as: Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf.The Barclays workers were: Colin Bermingham, Carlo Polombo, Philippe Moryoussef and Sisse Bohart.

The SFO added: “Criminal proceedings will be issued against other individuals in due course.”

Those accused are due to appear at Westminster Magistrates’ Court on 11 January.Euribor is a benchmark interest rate similar to Libor. These are interbank lending rates calculated using submissions from panel banks. Euribor is used as the basis for billions of pounds’ worth of financial products.Sisse Bohart is the one woman on the list of those accused. The 38-year-old, from Denmark, was a junior submitter at Barclays.

The others from Barclays are: Bermingham, a 59-year-old Briton who was a senior submitter; Palombo, 37, a British and Italian national resident in the US and Italy who was a trader; and Moryoussef, 47, a French national and resident of Singapore, and senior trader.

The Deutsche employees include senior trader Bittar, 43, a French national and resident of Singapore as well as five Germans: Kraemer, 51, a middle manager; Hauschild, 51, a submitter; Gharagozlou, 44, a senior submitter; Kappauf, 39, a junior submitter; and Vogt, 45, a submitter.

The SFO announced three years ago that it was to investigate allegations of Libor and Euribor rigging.

Former UBS and Citi trader Tom Hayes was jailed for 14 years earlier this year after being convicted of Libor manipulation.

Last year, a senior banker from a leading British bank pleaded guilty to Libor rigging. Neither the banker nor the bank can be named, for legal reasons.

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Bella Palmer

The author Bella Palmer

Passionate about the Investment Market. I am also a keen Investor myself. Love to travel and dance.