LONDON | UK jury convicts 2 former bankers of bending interest rate

12Jul - by Editor - 0 - In STL.News



LONDON — A British office that prosecutes serious corruption cases says two former senior bankers have been found guilty of manipulating a key benchmark on which global interest rates are hedged.

A jury convicted Philippe Moryoussef, formerly of Barclays Bank, in absentia on Thursday. He fled before facing trial for fraud. Christian Bittar, 46, a former principal trader at Deutsche Bank, pleaded guilty in March.

The two were accused of manipulating the Euro Interbank Offered Rate, or EURIBOR, at the height of the financial crisis.

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