UK Court acquits ex-Deutsche Bank Managing Director of conspiracy to defraud

Maria Nikolova

Andreas Hauschild was acquitted of conspiracy to defraud over the alleged rigging of EURIBOR.

Andreas Hauschild, former Managing Director at Deutsche Bank, was today acquitted of conspiracy to defraud at Southwark Crown Court over the alleged rigging of the Euro Interbank Offered Rate (EURIBOR). He was found not guilty of manipulating EURIBOR at the height of the financial crisis.

Andreas Hauschild was charged in November 2015 but declined to appear at a hearing at Westminster Magistrates’ Court on January 11, 2016. The UK Serious Fraud Office secured a European Arrest Warrant for Hauschild in February 2016 and he was later arrested in Italy and extradited to the UK. The trial of Andreas Hauschild started on June 10, 2019.

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.

EURIBOR is a key financial benchmark rate used to set financial deals around the world. It supports $180 trillion of financial products including mortgage rates, savings rates and loans. The accuracy of the rate is critical to maintaining trust in the UK financial system.

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