Latest news with #ex-Barclays
Yahoo
5 days ago
- Business
- Yahoo
Jailed traders mount bid to quash conviction after Supreme Court ruling
Four traders who were jailed for rate-rigging are to appeal their convictions after the Supreme Court quashed similar charges in a landmark case. Jay Merchant, Jonathan Mathew, Philippe Moryoussef and Christian Bittar are all seeking acquittal on appeal, lawyers for the four men said. It follows the Supreme Court's decision to overturn the convictions of Tom Hayes and Carlo Palombo, two former investment bank traders, on charges of rigging Libor and Euribor respectively. The pair were found to have not received a fair trial because of how the jury was directed. The convictions came after an investigation by the Serious Fraud Office (SFO) in the aftermath of the financial crisis into claims that traders were manipulating key interest rate benchmarks by submitting false information to the market. Overall, the case led to nine convictions for fraud, with two traders pleading guilty and the rest found guilty by juries. Merchant and Mathew were ex-Barclays traders found guilty of conspiracy to defraud in 2016 after a three-month trial at Southwark Crown Court. The judge ruled that the pair had conspired to manipulate the London interbank offered rate, known as Libor, which was once used to price more than £270tn of financial products globally. Mathew was given a four-year sentence, while Merchant was given a six and a half years. Merchant, who was born in India, renounced his British citizenship and was deported in 2018. Moryoussef, also an ex-Barclays trader, and Christian Bittar, who formerly worked for Deutsche Bank, were found guilty of conspiracy to defraud in relation to the euro interbank offered rate, known in the City as Euribor. Moryoussef was sentenced in 2018 to eight years in jail, with the judge saying: 'Greed was clearly his principal motivation. Although his income was more than generous by anyone's standards, he thought he deserved more.' Bittar was sentenced to five years and four months. On Thursday night, a lawyer representing the group said: 'Following the Supreme Court's landmark decision yesterday to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions.' Mr Hayes, who served five and a half years in prison for fraud, said after the Supreme Court ruling that all those jailed on similar charges to his should have their convictions overturned. The SFO, which was contacted for comment, said earlier this week: 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
5 days ago
- Business
- Telegraph
Jailed traders mount bid to quash conviction after Supreme Court ruling
Four traders who were jailed for rate-rigging are to appeal their convictions after the Supreme Court quashed similar charges in a landmark case. Jay Merchant, Jonathan Mathew, Philippe Moryoussef and Christian Bittar are all seeking acquittal on appeal, lawyers for the four men said. It follows the Supreme Court's decision to overturn the convictions of Tom Hayes and Carlo Palombo, two former investment bank traders, on charges of rigging Libor and Euribor respectively. The pair were found to have not received a fair trial because of how the jury was directed. The convictions came after an investigation by the Serious Fraud Office (SFO) in the aftermath of the financial crisis into claims that traders were manipulating key interest rate benchmarks by submitting false information to the market. Overall, the case led to nine convictions for fraud, with two traders pleading guilty and the rest found guilty by juries. Merchant and Mathew were ex-Barclays traders found guilty of conspiracy to defraud in 2016 after a three-month trial at Southwark Crown Court. The judge ruled that the pair had conspired to manipulate the London interbank offered rate, known as Libor, which was once used to price more than £270tn of financial products globally. Mathew was given a four-year sentence, while Merchant was given a six and a half years. Merchant, who was born in India, renounced his British citizenship and was deported in 2018. Moryoussef, also an ex-Barclays trader, and Christian Bittar, who formerly worked for Deutsche Bank, were found guilty of conspiracy to defraud in relation to the euro interbank offered rate, known in the City as Euribor. Moryoussef was sentenced in 2018 to eight years in jail, with the judge saying: 'Greed was clearly his principal motivation. Although his income was more than generous by anyone's standards, he thought he deserved more.' Bittar was sentenced to five years and four months. On Thursday night, a lawyer representing the group said: 'Following the Supreme Court's landmark decision yesterday to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions.' Mr Hayes, who served five and a half years in prison for fraud, said after the Supreme Court ruling that all those jailed on similar charges to his should have their convictions overturned. The SFO, which was contacted for comment, said earlier this week: 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial.'
New York Post
26-06-2025
- Business
- New York Post
UK upholds banking ban on ex-Barclays CEO Jes Staley
Former Barclays CEO Jes Staley failed on Thursday to skirt a lifelong banishment from the UK banking industry over his ties to Jeffrey Epstein — with a judge ruling the ban was an 'inevitable consequence' of his association with the dead pedophile. A UK tribunal upheld the decision by Britain's top regulator, the Financial Conduct Authority, which ruled in 2023 that Staley, who previously had been a top banker at JPMorgan Chase, recklessly misled officials by claiming that he and Epstein were not close. Judge Timothy Herrington ruled that Staley's achievements at the helm of the British financial powerhouse did not lessen the severity of his misconduct. 5 Jes Staley, seen here at an earlier hearing on April 2, said he was 'disappointed with the outcome' of the tribunal and pointed to his achievements at the helm of the British banking giant. Getty Images 'The loss of his longstanding career is an inevitable consequence of that conduct,' Herrington ruled. 'Bearing in mind the importance of Barclays as a financial institution, this was conduct that could have resulted in confidence in the financial system being adversely affected.' Herrington added that Staley had 'shown no remorse' over the way he acted in his dealings with the FCA. The judge did, however, decide to reduce a fine slapped on the 68-year-old banker from £1.8 million ($2.47 million) to £1.1 million ($1.5 million). The Boston-born banker said in a statement that he was 'disappointed by the outcome and the time it took for this process to play out.' He added: 'I have worked tirelessly for my prior employers for the entirety of my career … The Tribunal recognised what they described as 'my long and distinguished career'.' 5 Staley, seen here on the far left, is shown with Jeffrey Epstein (center) in a photo dated from 2011. Other figures in the picture are Clinton and Obama admin alum Lawrence Summers (second from left) and Microsoft founder Bill (second from right) The decision to appeal appeared to backfire for Staley, who admitted during the proceeding that he had sex with a member of Epstein's staff in Epstein's brother's apartment. The appeal tribunal also heard about a string of previously-reported emails between Staley and Epstein, in which the ex-Barclays CEO described their friendship as 'profound'. In one 2010 email chain, Staley told Epstein, 'That was fun. Say hi to Snow White.' When Epstein asked, 'What character would you like next?' Staley replied, 'Beauty and the Beast.' 5 Epstein's secretive Caribbean hideaway became known as 'Epstein Island'. He held parties there for the rich and famous with underaged women in attendance. Matthew McDermott Staley had told the FCA's attorneys that he had no recollection of those emails. Staley's case centered on a 2019 letter sent by Barclays Chair Nigel Higgins to the FCA, which approached the British bank after Epstein's arrest on sex-trafficking charges. British regulators said the letter contained two misleading statements: that Staley 'did not have a close relationship' with Epstein and their last contact was 'well before he joined Barclays in 2015'. Staley said both statements were accurate and that he did not have the same relationship with Epstein after he ended his 34-year stint at JPMorgan where the late sex offender was once a major client. 5 An aerial shot of Epstein's property on Little Saint James, the private island in the US Virgin Islands, where he staged parties for his uber-rich associates. Shutterstock for NY Post Judge Herrington disagreed, ruling that 'the evidence that Mr Staley had a close relationship with Mr Epstein is overwhelming.' Staley's spat with UK financial regulators over the case prompted his shock resignation in November 2021 and a reshuffle of Barclays' leadership in what became a tumultuous period for the lender. Herrington said the messages showed that Staley and Epstein had a 'close personal relationship' and that Staley's answers were 'either evasive or defensive.' Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters The Wall Street Journal revealed in April 2022 how the one-time Barclays CEO had travelled to the infamous 'Epstein Island' in 2009. Little St James, in the US Virgin Islands, was the late sex pest's private hideaway where he was accused of holding debauched sex parties with underage girls for the rich and famous. Esptein's girlfriend, the British media heiress Ghislaine Maxwell, was sentenced to 20 years in prison in 2022 for her role in helping him abuse young girls. 5 A 2017 mug shot of Epstein that was taken two years before he was found dead in his cell as he awaited trial. The Journal, in its original story three years ago, quoted emails between Staley and Epstein from a lawsuit filed in the Caribbean territory that same year. 'Presently, I'm in the hot tub with a glass of white wine,' the newspaper quoted Staley as writing to the disgraced moneyman in 2009. 'This is an amazing place. Truly amazing. Next time, we're here together. I owe you much. And I deeply appreciate our friendship. I have few so profound,' he reportedly told Epstein. Epstein was convicted of soliciting a minor for prostitution in 2008 and forced to register as a sex offender. He was arrested in 2019, accused of orchestrating a scheme to traffic and sexually abuse girls, but was found hanging in his cell before he could face trial.
The Guardian
24-04-2025
- Business
- The Guardian
Serious Fraud Office to let firms avoid prosecution if they flag up suspected crime
The Serious Fraud Office (SFO) has said it is prepared to let companies avoid prosecution if they self-report suspected financial crime and cooperate with investigators, in an important change to its previous guidance. The SFO, which investigates complex financial crimes, fraud and corruption, said companies that flag potential breaches would be offered the chance to negotiate a 'deferred prosecution agreement' (DPA), apart from in some 'exceptional' circumstances. These agreements usually allow the accused to avoid prosecution, unless they reoffend or violate other terms during the agreement. Under DPAs, prosecutors agree to suspend legal proceedings in exchange for the company agreeing to conditions such as fines, compensation payments and corporate compliance programmes. Previously, companies that self-reported to the SFO still ran the risk of a criminal conviction. The new guidance aims to make it more likely that businesses will step forward to report suspected wrongdoing. Nick Ephgrave, the SFO director, said: 'If you have knowledge of wrongdoing, the gamble of keeping this to yourself has never been riskier.' The anti-fraud agency said genuine cooperation would include the preservation of digital and hard copy records, and early engagement with authorities. If a company self-reports, the SFO has said it will respond with 48 hours, decide on whether to open an investigation within six months, and conclude any DPA within six months of starting negotiations. However, legal experts have warned it would still be difficult for companies to decide whether to self-report or wait for the SFO to uncover a problem. Andrew Smith, a partner at the law firm Corker Binning, said: 'Mr Ephgrave warns companies against trying to bury their skeletons. But in the unlikely event those skeletons are discovered by the SFO, simply pleading guilty can be a more attractive outcome than an earlier self-report.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Ephgrave, a former Metropolitan police officer, joined the SFO as director in 2023. In October he said he wanted to improve incentives for individuals who help the SFO, such as paying whistleblowers in a US-style approach. In recent years, the agency has faced a series of big failures in some of its most high-profile cases, such as a failed prosecution of ex-Barclays directors in 2020, the collapse of a trial of ex-Serco executives, and the failure of a decade-long investigation of the mining company ENRC.
Yahoo
12-03-2025
- Business
- Yahoo
Epstein told Prince Andrew that ex-Barclays boss was ‘like family'
Jeffrey Epstein described the former boss of Barclays as 'like family' in an email to the Duke of York, a court has heard. The disgraced financier sought to reassure Prince Andrew of Jes Staley's credibility ahead of a meeting in 2010, as he claimed the banker could be 'trusted 100pc'. The High Court was told on Wednesday that Epstein wrote to the Duke, saying: 'I know you are seeing Jes Staley this morning, he is like family and can be trusted 100pc.' It comes as the ex-Barclays chief attempts to overturn a lifetime ban from the City, which was handed down by the Financial Conduct Authority in 2023 owing to his ties to Epstein. The latest hearing also revealed Mr Staley referred to the convicted paedophile as 'uncle Jeffrey' in email correspondence with his daughter. Mr Epstein was convicted in 2008 for procuring a minor for prostitution in Florida and sentenced to 18 months in prison. As part of the latest evidence, the court heard Mr Staley had forwarded an email to his daughter Alexa from Epstein in April 2009. In it, he appeared to detail how he could introduce her to influential figures in the science world as part of her career ambitions. Mr Staley forwarded the message and made the 'uncle' reference to Epstein as part of the exchange, the court heard. The email read: 'This is from uncle Jeffrey.' Mr Staley, 68, has launched a claim at the Upper Tribunal attempting to reverse a decision by the Financial Conduct Authority to ban him from financial services. The case centres on a letter Barclays sent to the regulator in 2019 claiming that Mr Staley was not close to Epstein and cut ties with him after he was appointed to Barclays in October 2015. The FCA said Mr Staley 'recklessly misled' the agency. In a testy exchange with the FCA's barrister, Leigh-Ann Mulcahy KC, Mr Staley accused the regulator of an 'invasion' of his privacy. After being shown emails in court – which appeared to show how he shared Alexa Staley's academic scores with Epstein – Mr Staley said: 'I think there's an invasion of my family here and I resent it. 'This exposure of my daughter is really important to you.' The court has previously heard how he maintained contact with Epstein after his 2008 conviction. Mr Staley has claimed his warm words to Epstein were part of a close business relationship but he was never personal friends with him. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
