Jim’s Mailbox

Posted at 9:23 AM (CST) by & filed under Jim's Mailbox.

…of course they did JB!!!!?


Ex-Deutsche Bank Traders Avoid Prison Time For Libor Scheme
October 24, 2019

NEW YORK (Reuters) – Two former Deutsche Bank AG <DBKGn.DE> traders will serve no prison time for conspiring to manipulate the Libor benchmark interest rate between 2005 and 2011, a federal judge ruled on Thursday, sharply criticizing U.S. prosecutors for treating the two men as “proxy wrongdoers” for a much larger scheme.

Matthew Connolly, who once led Deutsche Bank’s pool trading desk in New York, was sentenced by U.S. District Judge Colleen McMahon in Manhattan to six months’ home confinement, while Gavin Campbell Black, who worked on the bank’s London desk, was sentenced to nine months’ home confinement, which he will be allowed to serve in England.

McMahon also ordered Connolly to pay a $100,000 fine, and Black to pay a $300,000 fine.

The sentence is a setback for U.S. prosecutors in one of the few criminal cases to emerge from a sweeping probe of Libor rigging. The prosecutors had asked the judge to order “substantial” prison time for both men, saying federal guidelines called for close to 10 years, along with a $3 million fine for Connolly and a $2 million (£1.56 million) fine for Black.

McMahon, however, said the prosecutors were trying to hold Connolly and Black responsible for behaviour throughout the financial industry.