01 September 2025
The Serious Fraud Office (SFO) has said a further five LIBOR convictions may be unsafe, following the Supreme Court appeals in July that quashed the 2015 convictions of former traders Tom Hayes and Carlo Palombo
The SFO said last week it had ‘made an assessment on six individuals’ and considered the circumstances that led to Hayes and Palombo’s appeals being upheld could apply to five of them—Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef and Colin Bermingham.
The SFO stated: ‘It is for each defendant to consider whether they wish to progress their case to the Criminal Cases Review Commission or the Court of Appeal.’
Hayes and Palombo’s appeals centred on the trial judge’s directions to the jury. Nine bankers were convicted for rate-rigging: two pled guilty while seven were found guilty by juries.
