U.S. appeals court voids Libor convictions of ex-London traders

Record ID: 903523

  • Title: U.S. appeals court voids Libor convictions of ex-London traders
  • Date: 20th July 2017
  • Summary: NEW YORK, NEW YORK, UNITED STATES (FILE- NOVEMBER 5, 2015) (REUTERS) VARIOUS OF ANTHONY ALLEN WALKING FROM COURTHOUSE AFTER VERDICT EXTERIOR OF FEDERAL COURT BUILDING VARIOUS OF ANTHONY CONTI WALKING AFTER VERDICT
  • Embargoed: 3rd August 2017 11:21
  • Keywords: Rabobank Libor fraud overturned conviction Anthony Allen Anthony Conti Circuit Court of Appeals London bankers
  • Location: NEW YORK, NEW YORK, UNITED STATES
  • City: NEW YORK, NEW YORK, UNITED STATES
  • Country: USA
  • Topics: Crime/Law/Justice,Judicial Process/Court Cases/Court Decisions
  • Reuters ID: LVA0016QIT46D
  • Aspect Ratio: 16:9
  • Story Text: A U.S. appeals court on Wednesday (July 19) overturned the convictions of two former London traders from the first U.S. criminal trial stemming from the worldwide probe into manipulation of the Libor interest rate benchmark.
    The 2nd U.S. Circuit Court of Appeals in New York said Anthony Allen's and Anthony Conti's constitutional right against self-incrimination under the Fifth Amendment had been violated, because testimony they had been compelled to give UK regulators was used at their trial.
    Allen and Conti, who worked for Dutch-headquartered Rabobank, were convicted in November 2015 of fraud and conspiracy for trying to rig U.S. dollar and Japanese yen Libor. Banks use Libor, or the London Interbank Offered Rate, to set rates on hundreds of trillions of dollars of mortgages, credit cards and other loans.
    They were sentenced to two years and one year in prison, respectively, but remained free during the appeal.
    Allen's and Conti's appeal challenged testimony from former Rabobank colleague Paul Robson, a cooperating government witness, saying that it improperly incorporated their UK testimony.
    Circuit Judge Jose Cabranes agreed that Robson's testimony was "tainted" because his review of the compelled testimony colored his own.
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