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Palombo, Carlo

Published:

Carlo Palombo was found guilty of conspiracy to defraud by rigging the Euro Interbank Offered Rate (EURIBOR), a benchmark interest rate used by major global banks between 1 January 2005 and 31 December 2009. 

He was convicted of conspiracy to defraud in March 2019 at Southwark Crown Court and was sentenced to four years’ imprisonment. 

Mr Palombo applied to the CCRC in July 2023, the same day that it was announced the CCRC was referring for appeal a similar conviction relating to LIBOR (the London Interbank Offered Rate).  

A US Court judgment on LIBOR in January 2022 saw the convictions of two other former traders convicted in similar circumstances quashed.

Following review, the CCRC concluded that there was a real possibility the Court of Appeal would follow the legal approach taken by the US Court and overturn Mr Palombo’s conviction.   

The CCRC referred the conviction in October 2023.

The Court of Appeal upheld the conviction in March 2024.