Ex-Barclays traders receive sentences totalling 17 years

Four former Barclays traders have been sentenced for rigging Libor rates between 2005 and 2007.

Judge Anthony Leonard has sentenced four ex-Barclays traders jail time totalling more than 17 years, following their conviction for conspiring to rig Libor rates.

Leonard told the traders they would each serve half of their sentences and would be released on license, according to reports circulating this week.

He told the court: "What this case has shown is the absence of integrity that ought to characterise banking.”

Jay Merchant, a former derivatives trader based in New York was handed a six-and-a-half year sentence, as his junior Alex Pabon, received two years and nine months.

Jonathan Matthew, also a junior Libor trader – based in the UK – was given a four year sentence for his involvement.

Peter Johnson, Matthew’s boss at Barclays was also handed a four year sentence after pleading guilty in October 2014.

Barclays was the first of many large banks who were found to be fixing Libor rates, which led to massive fines and the imprisonment of those involved.

All four traders were charged and found guilty of conspiracy to defraud by plotting to Libor rates between June 2005 and September 2007.