Libor Verdicts a Blow to U.K. Prosecutor Getting Its Mojo Back
- Acquittals a major reversal after Hayes conviction last year
- SFO will always be judged on the outcome of `big ticket' cases
A combination photograph shows, top row from left to right, Darrell Read, Colin Goodman, Daniel Wilkinson, all former traders at ICAP Plc, bottom row from right to left Noel Cryan, a former broker at Tellett Prebon Plc, Terry Farr, a former broker at RP Martin Holdings Ltd., and James Gilmour, a former broker at RP Martin Holdings Ltd.
Photographs: BloombergFour months ago Mukul Chawla -- the prosecutor who took down former UBS Group AG trader Tom Hayes for rigging interest rates -- entered a London courtroom bristling with confidence. But on Thursday Chawla quietly gathered his belongings as his effort to convict six brokers collapsed beneath him.
The acquittals have left the U.K. Serious Fraud Office struggling to contain the damage at a pivotal moment in its history and raise new questions about how authorities in Britain -- and many other countries -- can hold bankers and traders accountable for supposed wrongdoing. In the City, as on Wall Street, many executives say their industry has been unfairly targeted by authorities in the years since the financial crisis. Prosecutors counter that cases involving complex financial instruments, insider trading and the like are notoriously difficult to win but it’s their job to try.