Trial: Sisse Bohart allegedly submitted fake Euribor rates on behalf of Barclays
A Barclays trader was recorded bragging about how he rigged markets to boost his profits, a court heard.
Philippe Moryoussef, 49, boasted he fixed the Euribor rate used to set global trading prices.
A jury heard that in one case Moryoussef said: ‘Don’t you think that the fixing of Euribor was too low? Well that was me.’
In another recording, he said: ‘I pulled off an absolutely massive one the other day, keep it to yourself.’
The other four defendants include 41-year-old Sisse Bohart, who allegedly submitted fake Euribor rates on behalf of Barclays – benefiting traders whose profits were linked to the benchmark’s level.
Also on trial are Colin Bermingham, 61; Achim Kraemer, 53; and Carlo Palombo, 39.
They face one count of conspiracy to defraud between January 2005 and December 2009.
Jurors at Southwark Crown Court were told they did not need to consider whether a fraud had taken place, only whether the five defendants in the dock were involved after a sixth defendant, Deutsche Bank trader Christian Bittar, 46, described by the prosecution as ‘the main defendant’, pleaded guilty to conspiracy to defraud in March.
Prosecutor James Waddington QC told the jury: ‘During this case you will learn how a few individuals gamed the system to rip off a lot of people they did business with.’
The court heard Bittar was friends with Frenchman Moryoussef, who is not in the dock and is being tried in his absence, and that there are dozens of recorded phone calls between the two.
Bittar was so successful in his deal making, the court heard, he earned millions in bonuses on top of his £130,000 salary.
The trial continues.