Analysis

Ex-Barclays Trader's Sudden Acquittal Sends Shock Waves

Law360 (March 5, 2019, 10:41 PM EST) -- A judge’s unexpected decision to acquit a former Barclays foreign currency options trader and say prosecutors had “completely overreached” in the case dealt a blow to the U.S. Department of Justice’s Fraud Section and may have a ripple effect.

U.S. District Judge Charles Breyer cleared former trader Robert Bogucki of fraud charges Monday after hearing several days’ worth of evidence that Bogucki had misled Barclays client Hewlett-Packard to make money at the company’s expense when handling a foreign currency options trade in 2011.

In handing down the ruling Monday, the San Francisco judge told the court it was the first time...

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