Jailed Barclays Libor Traders Appeal Convictions in U.K. Court

  • Jonathan Mathew, Alex Pabon and Jay Merchant lodge appeals
  • The men were sentenced to as much as 6 1/2 years in prison

Three former Barclays Plc traders sentenced for as long as 6 1/2 years over their roles in manipulating the Libor interest-rate benchmark are appealing their convictions.

Jay Merchant, 45, Alex Pabon, 38, and Jonathan Mathew, 35, all filed appeals in recent weeks, according to a court clerk and their lawyers. All three are appealing their convictions and Merchant is also appealing his 6 1/2 year sentence. Mathew was sentenced to 4 years and Pabon was given 2 years and 9 months.

Former Barclays traders Jonathan Mathew, left, Alex Pabon, center, and Jay Merchant

Photographers: Simon Dawson/Jason Alden/Bloomberg

The men were found guilty by a London jury in July after a three-month trial in which they were accused of conspiring with other Barclays employees to rig the London interbank offered rate between June 1, 2005, and August 31, 2007. Another ex-trader, Peter Johnson, 61, the main Libor submitter, pleaded guilty to manipulating the rate in October 2014 and received a 4 year sentence.

Mathew is appealing his conviction on the basis Johnson’s guilty plea shouldn’t have been put before the jury because it "manifestly will have changed the jury’s opinion," his lawyer, Matthew Frankland, said by phone Tuesday. A lawyer for Merchant declined to comment and Pabon’s lawyer didn’t immediately respond to a request for comment.

Libor is a benchmark rate used to value trillions of dollars in securities and loans. City A.M. had reported the appeals earlier.

The men were convicted one year after former UBS Group AG trader Tom Hayes became the first person to go to jail over Libor-rigging. His initial 14-year sentence was reduced to 11 years on appeal, but his conviction was upheld. An application for the Supreme Court to take the case was denied and he’s referred the matter to the Criminal Cases Review Commission, an independent organization set up to investigate suspected miscarriages of justice.

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE