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India-born trader, two others, found guilty in Libor rigging trial

Kolkata-born, US-based Jay Merchant, the most senior of the men on trial, was convicted unanimously

Reuters  |  London 

Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain's Serious Fraud Office (SFO). The verdicts bring to five the number of people convicted in London for being part of a global financial conspiracy that has forced banks to pay fines of $9 billion, discredited rates like Libor and helped shred public faith in the banking industry. Kolkata-born, US-based Jay Merchant, 45, the most senior of the men on trial, was convicted ...

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First Published: Tue, July 05 2016. 00:06 IST
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