Former Rabobank traders convicted in U.S. over Libor rigging

Thu Nov 5, 2015 5:06pm EST
 
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By Nate Raymond and Brendan Pierson

NEW YORK (Reuters) - A federal jury found two former traders at Rabobank [RABO.UL] guilty of fraud on Thursday in the first U.S. trial arising from a global investigation into manipulation of Libor, the leading benchmark for pricing financial transactions around the world.

Anthony Allen, Rabobank's former global head of liquidity and finance, and Anthony Conti, a former senior trader, were convicted in district court in Manhattan on every count of conspiracy and wire fraud they faced.

The verdict marked a victory for the U.S. Justice Department, which brought charges against the British citizens a year after the Netherlands-based bank in October 2013 reached a $1 billion deal resolving related U.S. and European probes.

"Today's verdicts illustrate the department's successful efforts to hold accountable bank executives responsible for this global fraud scheme," Leslie Caldwell, head of the Justice Department's criminal division, said in a statement.

Allen, 44, slumped over a table in court as the jury foreman read the verdict, while Conti, 46, held his head up. Lawyers for both men said they planned to appeal.

"This is just round one," Michael Schachter, Allen's lawyer, said. "Tony Allen looks forward to pursuing all available options. He is disappointed with the verdict."

GLOBAL INVESTIGATION   Continued...

 
Former Rabobank employee Anthony Allen arrives at federal court in Manhattan, New York, October 15, 2015. REUTERS/Andrew Kelly