Christian Bittar has conviction for rigging interest rates quashed
Former City banker becomes eighth to clear their name, just days after five others were acquitted Former City trader Christian Bittar has become the eighth person to have his conviction for rigging interest rates quashed, just days after five other former bankers also successfully cleared their names . Christian Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy…
City banker Christian Bittar has seen his conviction for rigging interest rates dismissed, joining an eighth former trader who received a similar outcome just days after five others had their convictions overturned. Bittar, once employed by Deutsche Bank, was found guilty in 2018 of conspiracy to defraud. The court recently overturned the convictions of Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham, who all worked at Barclays.
These recent acquittals follow the UK Supreme Court's decision in 2020 to overturn the decade-old ruling against trader Tom Hayes and Barclays employee Carlo Palombo. Their victory set the stage for the other traders to contest their convictions as well. Both Bittar and the five other former traders were sentenced to prison for manipulating the euro interbank offered rate (Euribor) or the defunct London interbank offered rate (Libor).
These rates impacted ordinary citizens' pensions, mortgages, and savings, as well as trillions of pounds and euros worth of financial products globally. The Serious Fraud Office (SFO) brought the original charges against the nine bankers accused of rigging the rates. However, the SFO did not contest the appeals of the five acquitted on Wednesday, while it did challenge Bittar's appeal, stating his conviction remained secure.
Jason Williams, SFO division head, acknowledged the court's decision regarding Bittar but maintained the SFO's dedication to fighting complex fraud, bribery, and corruption. Bittar expressed gratitude for the day finally arriving to rectify the injustice he and others endured. His legal representative, Ben Rose, criticized the SFO for failing to guarantee fair trials throughout these cases.
Peter Johnson, the ninth former trader convicted of rate rigging, also plans to appeal his conviction, having previously pleaded guilty to conspiring to manipulate Libor in 2014. His attorney, Ellen Gallagher, stated that Johnson's pursuit to clear his name continues, noting that the court has provided the initial steps towards his appeal.
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