UK jury convicts 2 former bankers of bending interest rate

MarketsAssociated Press

A British office that prosecutes serious corruption cases says two former senior bankers have been found guilty of manipulating a key benchmark on which global interest rates are hedged.

A jury convicted Philippe Moryoussef, formerly of Barclays Bank, in absentia on Thursday. He fled before facing trial for fraud. Christian Bittar, 46, a former principal trader at Deutsche Bank, pleaded guilty in March.

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The two were accused of manipulating the Euro Interbank Offered Rate, or EURIBOR, at the height of the financial crisis.

Serious Fraud Office Director Mark Thompson says they "abused their positions for personal gain."

Another defendant, Achim Kramer, was acquitted of the same charge.

The jury failed to reach verdicts Thursday on three others who previously worked for Barclays Bank. All have denied the charges.