U.S. Libor dealer loses UK attraction over rigging conviction

LONDON (Reuters) – A former Barclays (BARC.L) dealer lost an attraction in opposition to his conviction over Libor benchmark rate of interest rigging at London’s Court of Appeal on Tuesday.

FILE PHOTO – Former Barclay’s dealer Alex Pabon arrives at Southwark Crown Court in London, Britain April four, 2016. REUTERS/Stefan Wermuth/Files

Alex Pabon, a 39-year-old American former derivatives dealer, was jailed in 2016 alongside three different former Barclays merchants for conspiracy to defraud in relation to the manipulation of Libor (London interbank provided price).

But Pabon, who was launched final March after serving slightly below a 12 months in jail, introduced an attraction after new proof got here to mild concerning the experience of 1 the Serious Fraud Office (SFO) prosecutor’s key banking witnesses within the case.

Judges at London’s Court of Appeal dismissed the attraction. But in a strongly-worded judgment, in addition they criticised SFO’s choice to instruct Saul Haydon Rowe as a courtroom witness.

“The instruction of Rowe turned into an embarrassing debacle for the SFO … (although) it has had no impact on the outcome of this case,” the judgement stated. It added that the case was a“stark reminder” that these needing professional witnesses ought to guarantee they had been instructing folks of“suitable calibre”.

Rowe got here in for the harshest criticism. The judges stated he had“signally failed to comply with his basic duties as an expert”. But they dominated that his proof had not impacted sufficiently on Pabon’s trial to have an effect on the security of his conviction.

Pabon’s legal professionals had argued that the proof Rowe gave throughout Pabon’s trial was incomplete or inaccurate and will have broken the dealer’s credibility.

Rowe has beforehand advised Reuters he had all the time acted in good religion. He didn’t reply to phone calls requesting a touch upon Tuesday.

Pabon’s lawyer was not instantly out there for remark. But Pabon stated on social media web site Twitter:“There is no such thing as an expert witness in the UK anymore.”

The SFO stated it was“studying the judgment carefully”. Barclays declined to remark.


Rowe, a former dealer who ran a company offering professional consulting and testimony in banking circumstances, was paid greater than 400,000 kilos ($557,000) between 2014 and 2017 by the SFO to be a courtroom professional on banking in its Libor prosecutions.

He testified in 4 Libor trials by offering professional proof on banking and buying and selling and interpreted communications with or between price derivatives merchants introduced in courtroom.

Judges stated his failings included obscuring the position others had performed in a key report for the prosecution, failing to tell the SFO concerning the limits of his experience and flouting courtroom guidelines about not discussing proof throughout testimony breaks.

“We take a grave view of Rowe’s conduct; questions of sanction are not for us, so we say no more of sanction but highlight his failings here for the consideration of others,” the judgment stated.

At least three former Libor merchants have complained about Rowe to the London police. The Metropolitan police says it continues to evaluate complaints about witness testimony.

Pabon’s conviction is a part of a global investigation into allegations that banks colluded in setting benchmark charges reminiscent of Libor, in opposition to which charges on tons of of trillions of price of contracts and loans are set throughout the world.

Around a dozen of the world’s largest banks have been fined about $9 billion kilos as a part of the investigation and about 30 merchants have been charged in Britain and United States.

($1 = zero.7182 kilos)

modifying by Simon Jessop, John Stonestreet and Jane Merriman

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