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SFO charges Andreas Hauschild with Euribor manipulation

Chris Hamblin, London, Editor, 23 November 2018

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The UK's Serious Fraud Office has charged former trader Andreas Hauschild, formerly of Deutsche Bank, with conspiracy to defraud in connection with its investigation into the manipulation of the Euro Interbank Offered Rate.

Hauschild was arrested in Italy in August 2018 after his visit to that country activated a European Arrest Warrant secured by the SFO. The Italians extradited him to the UK and he appeared before Westminster Magistrates’ Court on 20 October. Another hearing took place at Southwark Crown Court on 24 October.

The Serious Fraud Office announced that it had decided to accept allegations of the manipulation of Libor (the London Interbank Offered Rate) and Euribor for investigation on 6 July 2012. In all, it has embarked on criminal proceedings against 11 alleged rate-riggers.

Christian Bittar, the former principal trader at Deutsche Bank, pled guilty on 2 March this year. He was sentenced to five years and four months in prison. He was also ordered to pay the SFO’s full costs of £799,957 and a confiscation order of £2.5 million. Phillipe Moryoussef, formerly of Barclays Bank, was found guilty on 29 June by a jury. He was sentenced to eight years' imprisonment. Former Deutsche Bank employee Achim Kraemer was found not guilty on 29 June by a jury. The jury could not reach verdicts on three other defendants - Carlo Palombo, Colin Bermingham and Sisse Bohart, all formerly of Barclays Bank. The SFO asked for a retrial and this is set for 14 January next year.

Andreas Hauschild declined to appear at a hearing at Westminster Magistrates’ Court on 11 January 2016, as did some former colleagues of his from Deutsche Bank, namely Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf, plus a former Societe Generale employee called Stephane Esper. The SFO secured European Arrest Warrants against all five in February 2016. Although Italy extradited Hauschild, the French and German courts refused to extradite the others.

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