UK prosecutors just charged 10 bankers in a major Euro rate-rigging case
The UK's Serious Fraud Office started criminal proceedings against 10 former Deutsche Bank and Barclays employees.
They're accused of rigging the Euro Interbank Offered Rate (EURIBOR).
The charges come after Tom Hayes, the former UBS and Citi trader, was jailed for 14 years in August after being found guilty of rigging the London Interbank Offered Rate (LIBOR).
Here are the names of the people charged:
Deutsche Bank Employees:
- Christian Bittar
- Achim Kraemer
- Andreas Hauschild
- Joerg Vogt
- Ardalan Gharagozlou
- Kai-Uwe Kappauf
Barclays Bank Employees:
- Colin Bermingham
- Carlo Palombo
- Philippe Moryoussef
- Sisse Bohart
"The defendants will make their first appearance at Westminster Magistrates' Court on 11 January 2016. The investigation continues," the SFO said in a statement on its website on Friday. "Criminal proceedings will be issued against other individuals in due course."
Christian Bittar, the former star Deutsche Bank trader, may be one of the most eagerly watched individuals in the group.
He made €500 million for his bank in 2008, earning a bonus of more than €50 million, according to Bloomberg News. He lost about €40 million in bonuses after he was fired in 2011. Earlier this week a UK judge said the Financial Conduct Authority improperly identified him in a report on manipulation interest rate benchmarks.