Jail terms for traders in Euribor Fraud

Two former derivative traders were given jail terms by a UK court for their involvement in the Euribor manipulation and fraud on Thursday 19 July 2018. Euribor is the Euro Interbank Offered Rate published by the European Money Markets Institute, based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market).  The defendants were found guilty of artificially moving the Euribor by manipulating their bank’s submissions to the Bank of England to suit their traders’ positions.

  • Christian Bittar is a French citizen who was employed as a derivative trader at Deutsche Bank between 2005 -9.  The Financial Times has reported that he earned £47 million in commission on top of his £130,000 basic salary in one year. Christian pleaded guilty to conspiracy to defraud and was sentenced to 5 years and four months in prison. The Judge took into account the guilty plea, the long delay between the offence and the trial and several good character references when he allowed Christian the maximum reduction in sentence.  Bittar was also ordered to pay £2.5 million in penalties and £800,000 in costs
  • Philippe Moryoussef, a French Citizen and former Barclays trader was tried in absentia. He was given a sentence of 8 years in prison.
  • Three other traders will face a retrial in 20919 since the jury was unable to come to a decision.

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