Trial of ex-Deutsche Bank trader Andreas Hauschild commences

Maria Nikolova

Andreas Hauschild stands accused of conspiracy to defraud as a part of wider-scale criminal proceedings brought by the UK Serious Fraud Office.

The UK Serious Fraud Office (SFO) has posted a brief update about the proceedings against bank employees accused of manipulating the Euro Interbank Offered Rate (EURIBOR).

The SFO said the trial of Andreas Hauschild started on June 10, 2019. Mr Hauschild, a former Deutsche Bank trader, faces charges of conspiracy to defraud.

Let’s recall that, back in November 2015, the SFO issued criminal proceedings against 10 individuals accused of manipulating EURIBOR. The list of individuals included:

Deutsche Bank Employees:

  • Christian Bittar
  • Achim Kraemer
  • Andreas Hauschild
  • Joerg Vogt
  • Ardalan Gharagozlou
  • Kai-Uwe Kappauf

Barclays Bank Employees:

  • Colin Bermingham
  • Carlo Palombo
  • Philippe Moryoussef
  • Sisse Bohart

In April this year, two former Barclays senior bankers were sentenced to prison over EURIBOR rigging.

Carlo Palombo and Colin Bermingham were sentenced to a total of 9 years imprisonment at Southwark Crown Court for manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis.

Palombo, former Barclays Vice President of Euro Rates, and Bermingham, former Managing Director at Barclays, have been found to have conspired together with former Principal Trader at Deutsche Bank, Christian Bittar and former Barclays Director Phillipe Moryoussef to submit false or misleading EURIBOR submissions to change the published rate and benefit their positions.

Carlo Palombo was sentenced to 4 years, whereas Colin Bermingham was sentenced to 5 years. Both will face a further hearing to determine costs and proceeds of crime action.

Christian Bittar and Phillipe Moryoussef were convicted of and sentenced for the same conspiracy in July 2018.

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