Byrne and Partners client acquitted in LIBOR trial, Matthew Frankland comments.Jan 27, 2016
Matthew Frankland, partner at Byrne and Partners, comments on the acquittal of LIBOR brokers today (Wednesday 27 January) including Byrne and Partners' client, Danny Wilkinson: "We are extremely happy with today's result for our client, Danny Wilkinson. We believe the Judge's decision further underlines that the LIBOR system was broken well before this indictment period, both in terms of banks submissions and the British Bankers Association (BBA). Indeed, the evidence of John Ewan was likened to consulting a clairvoyant, and Mr Wilkinson’s statement that the BBA was about as useful in policing LIBORs as a chocolate tea pot seems vindicated.
"From our perspective, the prosecution seemed not to understand the complexities of the case, including the hedging of trades, the commission earnt by brokers and the general banker-broker relationship. There was also a failure to analyse the run throu's sent by Mr Wilkinson and another desk within ICAP. Ultimately, there is a hypocrisy in charging brokers. Brokers do not work for banks, they play no part in the LIBOR submission process and are not and never were regulated by the BBA in relation to their LIBOR predictions.
"The case also further highlights that yet again, most of the individuals prosecuted in the LIBOR cases are relatively junior within the different organisations, with more senior people not being held to account."
Matthew is Partner and a criminal law specialist with 20 years of experience in major criminal fraud trials and investigations. He handles all kinds of fraud cases and focuses on raising arguments designed to stop cases reaching charge or trial.