The Second Circuit Federal Court of Appeals overturned the convictions of two former Rabobank traders in the LIBOR London interbank market manipulation scandal saying the men’s Fifth Amendment right against self-incrimination had been violated. Former Rabobank traders Anthony Conti and Anthony Allen, was sentenced to a year and a day in prison by Judge Rakoff who said that he was ‘mystified’ that prosecutors only went after institutions since punishing individuals has a deterrent effect on others in a profession.
Nevertheless, the three-judge panel of the Second Circuit U. S. Court of Appeals in New York dismissed the charges against the two former Rabobank traders who were convicted on conspiracy and wire-fraud charges in November 2015. In a unanimous 81-page ruling, the Second Circuit Judge Jose Cabranes wrote that the two men’s convictions were tainted because a witness against them had been aware of testimony authorities in the U. K. had forced them to provide.
This post was published at Armstrong Economics on Jul 21, 2017.
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