Euribor traders sentenced to 13 years in prison

Traders of the Deutsche Bank and Barclays have been sentenced to a joint 13 years in prison for manipulating the Euribor rate for their own benefit. De Telegraaf reports this on Thursday 19 July.

The investigative bodies had 7 years necessary to gather sufficient evidence. The former banker Philippe Moryoussef van Barclays had meanwhile left for France to avoid jail time. He failed to do so, because on Thursday it was determined that he must serve a prison sentence of 8 years. 

Christian Bittar, who then worked at the Deutsche Bank, was told on Thursday that he will receive a prison sentence of 5 years and 4 months. He also agreed to a $4,3 million fine.

Rabobank involved
Various Rabobank traders were also involved in this affair. However, the bank already settled in August 2016 (on behalf of 4 traders). Other involved banks paid a total of about $9 billion in fines.

The Euribor rate, which is used as a guideline for many other interest rate derivatives (such as those on mortgages), is calculated on the basis of data supplied by 40 different banks. Rabobank has meanwhile stopped doing this.

Kimberly Baker

Kimberly Bakker is an all-round editor at Boerenbusiness. She also has an eye for the social media channels of Boerenbusiness.

k.baker @boerenbusiness. Nl

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