Ex-Rabobank Traders Say Their Convictions Should Be Tossed

Two ex-Rabobank Groep traders asked a U.S. court to throw out their convictions for rigging a key benchmark rate.

Anthony Allen and Anthony Conti were found guilty by a Manhattan federal jury this month of manipulating the London interbank offered rate. It was the first such criminal trial in the U.S.

The two said their convictions should be tossed because the government failed to prove their Libor submissions were false or fraudulent. They also said there’s no evidence they had any communications with counterparties to the Libor transactions or that those counterparties were “duped” by the rate submissions.

Allen and Conti, who both worked in Rabobank’s London office, were convicted of partaking in a four-year scheme to rig Libor. Allen, who’d faced one count of conspiracy and 18 counts of wire and bank fraud, was found guilty of all charges. Conti, who was charged with one count of conspiracy and seven counts of bank and wire fraud, was also convicted on all counts.

The case is U.S. v. Allen, 14-cr-00272, U.S. District Court, Southern District of New York (Manhattan).

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