UK's Serious Fraud Office: Two Acquitted In Libor Trial

Stylianos Contogoulas and Ryan Michael Reich were acquitted by a jury of Conspiracy to Defraud charges at Southwark Crown Court today following a retrial. 

They were first tried in April 2016 alongside three defendants who were convicted of the same charges as well as fourth who pleaded guilty earlier.

Background:

1. The jury reached their verdicts on 5 April and 6 April 2017. The retrial began on 27 February 2017 and lasted over a month.
2. The Libor case was accepted for investigation in July 2012.
3. Charges in Libor and Euribor have so far been brought against 19 individuals. Of these Peter Johnson pleaded guilty; Tom Hayes was convicted; six inter-dealer brokers were acquitted; Jonathan Mathew, Alex Pabon and Jay Merchant were convicted; and today two further defendants were acquitted.
4. The SFO was represented in court by Emma Deacon QC and Dominic Lewis of 5 Paper Buildings.
5. Defence Barristers for Contogoulas include John Ryder QC, James Fletcher and Karl Masi – 5 St Andrews Hill Chambers and for Reich they are Adrian Darbishire QC, Tom Doble, QEB and Hollis Whiteman.