A US court has overturned the convictions of two.

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A US court has overturned the convictions of two former Deutsche Bank traders – a British banker and hisAmerican counterpart – who were prosecuted in New York for rigging the Libor rate. <br>Gavin Black, the director of Deutsche Bank’s money markets and derivatives desk in London, and his New York-based colleague Matthew Connolly, were convicted of wire fraud and conspiracy in 2018.<br>But in a landmark ruling in Manhattan last night, a three-judge panel from the Second US Circuit Court of Appeals ruled the US government ‘failed to show that any of the trader-influenced submissions were false, fraudulent or misleading’. <br>The decision means that prosecutions for interest rate rigging in the UK will now not be regarded as a in the US. It also raises questions about more than 20 other transatlantic investigations that led to Libor trials, most of which are now subject to appeals.<br>Around nine bankers have been prosecuted in the UK since the financial crash, including former UBS trader Tom ‘Rain Man’ Hayes, with the majority claiming they were just following orders from their banks, who have collectively been fined $9billion. <br>Mr Black and Mr Connolly were prosecuted on the basis of just a handful of emails from around 15 years ago, asking for high or low interest rate estimates to be submitted on behalf of the bank.

If you loved this posting and you would like to acquire extra information pertaining to รูเล็ตออนไลน์ kindly pay a visit to our webpage. They were put in the dock after Deutsche Bank agreed to pay $775million for its role fixing the London Inter-bank Offered Rate.<br>But they were spared jailed with Connolly sentenced to six months of home confinement and was ordered to pay a $100,000 fine, while Black received nine months of home confinement and a $300,000.   <br>Tellingly Judge Colleen McMahon said at the time: ‘I’m always uncomfortable when I’m asked in any context – it usually happens in the drug context – to sentence the low man on the totem pole while the big guy goes free.'<br> British trader Gavin Black, former director at Deutsche Bank, at court when he was convicted of fixing Libor in 2018.

Last night he was cleared by a US appeal court <br> Matt Connolly said he was wrongly convicted on the basis of four emails that showed he had done nothing wrong<br> RELATED ARTICLES

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Matt Connolly said last night he was ‘speechless’ to have won in court for the first time, having angrily said he was convicted and had his reputation ruined because of four emails<br><div class=”art-ins mol-factbox floatRHS news” data-version=”2″ id=”mol-f8c82840-800d-11ec-ae22-b303da7ef6d9″ website court clears British banker of Libor rigging

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