Former Deutsche Bank Traders Convicted In LIBOR Manipulation Scheme

Two Deutsche Bank Traders Convicted For Manipulating LIBOR Index

Deutsche Bank TradersThe federal government convicted two Deutsche Bank Traders in New York last week. The government accused the two traders from Deutsche Bank’s Pool Trading Desk of participating in a scheme to manipulate theLondon Interbank Offered Rate (LIBOR). The LIBOR Index is a critical global benchmark tied to trillions of dollars in derivatives and other financial products.    
The Deutsche Bank traders were convicted after a month-long trial in Federal Court in Manhattan. A jury convicted former Deutsche Bank supervisor Matthew Connolly of one count of conspiracy and two counts of wire fraud. The court also found Gavin Campbell Black guilty of one count of conspiracy. However, they only found him guilty of only a single count of wire fraud. 

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