Darrell Read pleaded not guilty to two charges of conspiracy to defraud. Photo / AP
Darrell Read pleaded not guilty to two charges of conspiracy to defraud. Photo / AP
A Wellington man accused of helping to rig international banking rates has been been acquitted on one charge of conspiracy to defraud, with a London jury still deliberating on the other charge he faces.
British ex-pat Darrell Read and five other brokers were accused of helping convicted trader Tom Hayesrig Libor, a benchmark interest rate which is a key part of the relationship between borrowers and lenders around the world.
The sextet had been on trial since October in London's Southwark Crown Court.
But a jury overnight acquitted five of the men - Noel Cryan, Colin Goodman, Danny Wilkinson, Terry Farr and James Gilmour.
Hayes, who went on trial alone last year, is currently serving a sentence of 11 years in jail after having his original 14-year term reduced on appeal.
Libor explained:
• Libor - or London interbank offered rate - is woven into the fabric of the world's capital markets.
• The rate sets the price for banks, international financiers or anyone wanting to raise funds through the interest rate markets.
• From major international deals through to home mortgages, Libor is key to the relationship between borrowers and lenders globally.
• Financial instruments worth hundreds of trillions of dollars are tied to Libor.
• A British banking trade group sets the Libor every morning after international banks submit estimates of borrowing costs.
• Libor became engulfed in scandal after the global financial crisis and allegations emerged that banks had rigged these rates.
• A string of financial institutions have paid billions in settlements.
