Jail for Libor cheats

Crimes were an attack on the integrity of the market said judge

Crimes were an attack on the integrity of the market said judge

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Four former bankers have been jailed for rigging the Libor rate in a fraud where losses potentially ran into “millions of pounds”.

Judge Anthony Leonard, sitting at London’s Southwark Crown Court, said the fraud carried out by Barclays employees Jonathan James Mathew, Jay Vijay Merchant, and Alex Pabon along with Libor submitter Peter Johnson had hit the “integrity of the market.”

Johnson had pleaded guilty to conspiracy to defraud in October 2014, making him the first person in the UK to admit to a crime linked to Libor manipulation.

His co-defendants were found guilty of the same charge by a jury last week.

There was no reaction from any of the defendants at they stood in the dock for sentencing.

Merchant, 45, who lives in the US and was described in court as bearing “the greatest responsibility” for the crime, was sentenced to six and a half years in prison.

Mathew, 35, of Shenfield, Essex, and Johnson, 61, of Tunbridge Wells, were both sentenced to four years.

Pabon, aged 37 and who also lives in the US, was jailed for two years and nine months.