Six individuals have been found not guilty of conspiracy to defraud in connection with the Serious Fraud Office’s (SFO) ongoing criminal investigation into Libor manipulation.
Five were found not guilty of all charges following a four-month trial on January 28. A sixth defendant was cleared 24 hours later.
The SFO had alleged that all six conspired with Tom Hayes - who was convicted and sentenced last year - to defraud as they had agreed, on Hayes’ instructions, to influence the submissions of panel banks in the Yen Libor setting process.
SFO Director David Green has said that "nobody could sensibly suggest" that the charges should not have been brought. But many will wonder just how sensible the SFO has been in targeting its prosecutions.