LIBOR investigation drawn to a close

The Serious Fraud Office has closed its investigation into the manipulation of the LIBOR, a seven-year long review of evidence that resulted in charges of conspiracy to defraud brought against 13 individuals.

In October 2014, Peter Johnson pleaded guilty to manipulating the US Dollar LIBOR, the first criminal conviction for a LIBOR offence in the UK. Jonathan Matthew, Jay Merchant and Alex Pabon were convicted by a jury of the same charges in July 2016. In August 2015, Tom Hayes was convicted on eight counts of conspiracy to defraud in relation the manipulation of Japanese Yen LIBOR.

Between January 2016 and April 2017, six individuals were acquitted by jury of manipulating Yen LIBOR and two acquitted of manipulating US Dollar LIBOR.

SFO general counsel, Sara Lawson QC made the decision to close the case because Lisa Osofsky, the Director of the Serious Fraud Office, is recused from this case. Whilst all strands of the SFO’s investigation into LIBOR manipulation are now closed, aspects of its inquiry into the manipulation of the Euro Interbank Offered Rate remain open.

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