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Former Barclays trader found guilty of rigging Euribor

Reuters  |  LONDON 

(Reuters) - A French former trader, tried in his absence by a court, has been convicted by a of conspiring to rig global interest rates.

Philippe Moryoussef, a 50-year-old former senior derivatives trader, was found guilty of conspiracy to defraud by dishonestly manipulating Euribor - or Euro interbank offered rate - between January 2005 and December 2009 after an 11-week trial.

The at in acquitted Achim Kraemer, a Deutsche still employed by the The were unable to reach a verdict on another three traders on trial.

A conspiracy to defraud conviction carries a jail sentence of up to 10 years.

Reporting restrictions on the verdicts were lifted on Thursday after the jury failed to agree on a decision for co-defendants Carlo Palombo, an Italian-born former junior trader, Sisse Bohart, a Danish former and rate submitter and her former boss,

A for the said a decision will be made within seven days as to whether to seek to re-try the three individuals.

A sixth defendant, 46-year-old former Deutsche star Christian Bittar, a Frenchman who investigators said was once one of the world's best-paid traders, pleaded guilty before the trial began. He is already in custody.

Brussels-based Euribor is a benchmark for interest rates on around $150 trillion to $180 trillion of financial contracts and consumer loans worldwide.

(Reporting by Kirstin Ridley; Editing by Silvia Aloisi/Keith Weir)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 18:14 IST