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Deutsche Bank ex-trader's conviction thrown out in U.S. Libor-rigging probe

By Jonathan Stempel NEW YORK (Reuters) -A U.S. judge on Friday threw out a former Deutsche Bank AG (NYSE:DB) trader's conviction for conspiring to manipulate the global lending...
Deutsche Bank ex-trader's conviction thrown out in U.S. Libor-rigging probe © Reuters.

By Jonathan Stempel

NEW YORK (Reuters) -A U.S. judge on Friday threw out a former Deutsche Bank AG (NYSE:DB) trader's conviction for conspiring to manipulate the global lending benchmark Libor, after an appeals court tossed the convictions of two former colleagues he testified against.

U.S. District Judge Paul Engelmayer in Manhattan granted Timothy Parietti's request to void his guilty plea and judgment of conviction, and have the government return his $1 million fine, saying it served the "interests of justice."

Prosecutors did not oppose the request. Parietti, 56, had also been sentenced to three years of supervised release, and has completed that sentence.

The former managing director of Deutsche Bank (ETR:DBKGn)'s New York money market derivatives trading desk had pleaded guilty in May 2016 to conspiring to commit wire and bank fraud.

Prosecutors said Parietti manipulated Libor, short for London Interbank Offered Rate, from 2006 to 2008 in order to boost profit on his own trades.

Court papers say Parietti later provided "substantial" cooperation that helped convict former Deutsche Bank traders Matthew Connolly and Gavin Black in October 2018 for rigging Libor.

But in January, the 2nd U.S. Circuit Court of Appeals in Manhattan threw out those convictions because of a lack of evidence.

Engelmayer said that meant there was also a lack of evidence to support Parietti's guilty plea.

He added that the plea has kept Parietti from reentering the financial services industry, and deprived him of the right to vote and other rights in Florida, where he now lives.

"Parietti must be viewed as innocent," Engelmayer wrote. "Under first principles of justice, it would be unjust to maintain his conviction."

Larry Krantz, a lawyer for Parietti, said: "Mr. Parietti is grateful that justice has been done."

Before being phased out in January, Libor had once underpinned more than $300 trillion of financial products including credit cards, mortgages and other loans.

Libor-rigging probes ended in about $9 billion of fines worldwide for banks, including $2.5 billion for Deutsche Bank https://www.reuters.com/article/us-deutschebank-libor-settlement/deutsche-bank-fined-record-2-5-billion-over-rate-rigging-idUSKBN0NE12U20150423, accused of fixing the benchmark to boost profit.

The case is U.S. v. Parietti, U.S. District Court, Southern District of New York, No. 16-cr-00373.

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17-08-2022 22:44:19 (UTC+7)

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 EUR/USD1.0165↑ Sell
 GBP/USD1.2043↑ Buy
 USD/JPY135.41Neutral
 AUD/USD0.6913↑ Sell
 USD/CAD1.2931↑ Buy
 EUR/JPY137.65↑ Sell
 EUR/CHF0.9694↑ Buy
 Gold1,776.15↑ Sell
 Silver19.652↑ Sell
 Copper3.5708↑ Sell
 Crude Oil WTI86.41↑ Sell
 Brent Oil92.09↑ Sell
 Natural Gas9.207Neutral
 US Coffee C219.78↑ Sell
 Euro Stoxx 503,753.25↑ Sell
 S&P 5004,256.30↑ Sell
 DAX13,630.66Neutral
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,972.35↑ Sell
 IBEX 358,434.88Neutral
 BASF42.890Neutral
 Bayer53.38Neutral
 Allianz177.39Buy
 Adidas168.88↑ Sell
 Lufthansa6.465↑ Sell
 Siemens AG108.44↑ Sell
 Deutsche Bank AG8.840Neutral
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