CCRC refers five city traders' convictions following Supreme Court decision - Criminal Cases Review Commission

The Criminal Cases Review Commission has today referred the cases of five more individuals convicted of LIBOR and EURIBOR-related fraud offences to the Court of Appeal. The CCRC’s decision to refer the cases of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham comes after the Supreme Court last year overturned similar convictions of Carlo Palombo and Tom Hayes.

It is now for the Court of Appeal to determine whether the five referred men’s convictions should also be quashed. The SFO, which originally brought the prosecutions, has already publicly conceded that the convictions are unsafe. If the five referred convictions are quashed it will bring the total number of acknowledged victims of LIBOR / EURIBOR related miscarriages of justice to seven.

The SFO concluded in October last year that the conviction of another trader, Peter Johnson, was “safe”. Mr Johnson, 71, was jailed for four years in 2016 for conspiracy to defraud - despite being the whistleblower for wrongdoing by far more senior bankers.

Partner Ellen Gallagher, who represents Mr Johnson, commented:
"I welcome the SFO’s referrals of the other traders, but am perplexed that they persist in their assertion that Peter Johnson committed a crime, when the activity he undertook and the flawed prosecution he was then subjected to was the same as the others whose convictions the SFO accepts were unsafe. Other countries have also concluded that the Libor activities are not criminal.

It seems to me the SFO is clutching at straws in an attempt to ensure it can chalk up at least one conviction in these prosecutions, which have been a fiasco from the start. Mr Johnson remains disappointed with the SFO’s position relating to him and he will not rest until his wrongful conviction is also overturned."