Former UBS Manager ‘Pete the Greek’ Will Not Face Libor Action

A former UBS Group AG banker mentioned during the Thomas Hayes Libor-rigging trial won’t face regulatory action after the Financial Conduct Authority’s decisions committee dismissed the case.

The FCA’s Regulatory Decisions Committee, a board that resolves disputes at the regulator, dismissed the case against Panagiotis Koutsogiannis, his lawyer Ben Rose said by e-mail on Tuesday.

Koutsogiannis, a former manager Hayes referred to as “Pete the Greek,” was dragged into the trial when prosecutors showed jurors an e-mail in which the trader asked Koutsogiannis to approve a transaction that would help change a position.

“After a long and detailed investigation and a full hearing of the Regulatory Decisions Committee of the FCA it was concluded that Mr Koutsogiannis’ conduct was neither dishonest nor lacking in integrity,” Rose, a lawyer at Hickman and Rose in London said by e-mail.

Hayes was sentenced to 14 years in prison Monday after being found guilty of conspiracy to rig the benchmark rate.

Prosecutors said during the nine-week trial that Hayes was the “ringmaster” of a global network of 25 traders and brokers from at least 10 firms who tried to manipulate Libor on an industrial scale.

The FCA and UBS declined to comment.