03/02/2016 – Success Continues in 2016 as Five Cleared Over Libor Rate Rigging
Following a four month trial, Mr Cryan and his co-accused have been acquitted of offences of conspiracy to defraud. The charges arose from allegations that they had conspired with Tom Hayes to fix Libor rates. Mr Hayes was convicted last year and imprisoned.
Paul Coleman, solicitor at the CWD Private Crime Team based in the City of London, had a specialist role within Mr Cryan’s defence team, following many years of experience within the City financial institutions. He was tasked with trawling through the vast number of statements and exhibits served by the SFO in order to advise on the appropriate challenges to the evidence. Following the acquittal, Paul said “I’m so delighted for Noel and his family that the jury has seen what we all knew; namely that there wasn’t a scrap of evidence that he had done anything wrong. The fact that, following a trial as high profile and technically involved as this, the jury returned not guilty verdicts following no more than a day of deliberation really does emphasise this. Serious questions need to be asked within the SFO, as it was abundantly clear that they did not understand the trader/broker relationship. Noel should never have been charged, following the full and clear explanation that he gave when originally interviewed about this matter. This prosecution should never have been brought. It has not only tarnished Noel’s personal and professional reputation, but has also resulted in the loss of his employment. The latter has of course greatly affected his family.’
Further details of the trial available in these press links:
www.telegraph.co.uk/finance/financial-crime/12125430/Five-of-six-Libor-traders-found-not-guilty.html