Six LIBOR Brokers Acquitted of Fraud

Here's a clip from today's Wall Street Journal article:

"...A jury acquitted six former brokers of fraudulently trying to manipulate a widely used benchmark interest rate, dealing a major blow to a yearslong international investigation.

The jury on Wednesday reached unanimous verdicts to acquit five of the brokers—former ICAP PLC brokers Colin Goodman and Danny Wilkinson, former R.P. Martin brokers Terry Farr and James Gilmour, and former Tullett Prebon broker Noel Cryan—on all counts. The sixth broker, ICAP’s Darrell Read, was acquitted on one count of conspiring to defraud, but the jury is still deliberating on another count against him.

All six men were accused of conspiring with former UBS Group and Citigroup Inc. trader Tom Hayes of trying to rig the London interbank offered rate, or LIBOR. Mr. Hayes was convicted and sentenced to 14 years in prison last August, although the sentence was subsequently reduced to 11 years.

The acquittals set off a scene of jubilation and tears in the courtroom, as the six brokers exchanged hugs and fist bumps and shouts of excitement with themselves, family members and lawyers..."

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