A U.S. district court judge has sentenced two former Rabobank bankers to time in prison for their involvement in rigging the London interbank offered rate. Anthony Allen received a two-year prison term and Anthony Conti was sentenced to a year and a day.<\/p>\n
Conti and Allen were convicted by a jury in last year. Prosecutors accused them of conspiring to turn in fake rates for calculating Libor, which is based on submissions from over a dozen banks. They believed the two bankers sought to help other Rabobank traders make more money on trades. Meantime, their defense lawyers contended that the men\u2019s submission to Libor were made in good faith. <\/p>\n
Allen was the worldwide head of liquidity and finance at Rabobank and the supervisor of Conti, who was a senior money markets trader who made submissions to Libor daily. Libor plays a key role in determining the borrowing costs for trillions of dollars in loans. <\/p>\n
The U.S. Justice Department has criminally charged 11 other individuals in its probe into Libor rigging. Four of them, three of them who were traders at Rabobank, have entered guilty pleas.<\/p>\n