Ex-Rabobankers Denied Acquittal, New Trial In Libor Scam

Law360, Los Angeles (February 17, 2016, 8:36 PM EST) -- A New York federal judge denied acquittal or a new trial Wednesday for two former Rabobank traders convicted of conspiracy and wire fraud in connection with a scheme to manipulate Libor, rejecting arguments their submissions to the global benchmark weren't misstatements intended to cause harm.

U.S. District Judge Jed S. Rakoff found that Anthony Allen and Anthony Conti's submissions to the British Bankers' Association's London Interbank Offered Rate were actionable false statements under the wire fraud statute and determined that "a reasonable juror could have found that defendants intended to cause actual harm."

The ruling comes less than a week after...

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