At my adjournment debate yesterday, I pointed to evidence of miscarriages of justice and failures of the state in relation to the LIBOR scandal, and called for a fresh inquiry into the whole affair.
@davidbelle_
I was trading JPY interest rate derivatives in Tokyo, aggregated the desk's risk and asked for a favourable but accurate Libor submission from our cash desk daily. I went to prison for 5.5 years.
Only took 9 years. Thanks as usual to my legal team,
@karentodner
and counsel from
@QEBHW
.
Amazing job against all odds. It’s time to right this abhorrent wrong.
LFG
First flight in 11 years. Memories of many trips to Tokyo from LHR. This time Newcastle to get to see
#QPR
at Middlesbrough thanks to a rail strike. Hoping that after the appeal and checking my Interpol red notice status I can fly somewhere on holiday again and forget it happened
Just been given dates for my appeal. March next year, that’s almost 9 years since my trial. Thanks to everyone who has supported me to make that happen, you know who you are!
Uh-oh.
"If you want to know more about this story, a BBC Radio 4 investigative podcast, The Lowball Tapes, will contain exclusive revelations. It will be broadcast in five parts, starting on 28 February at 1.45pm."
@andyverity
reports
#Libor
18 months ago I was sent some forms to fill in the event the CCRC returned my case to the CoA. I never opened the envelope as they provisionally rejected me. Today
@karentodner
rang to tell me that we are now being referred. I kept the forms and can now open them!
If you have an hour to listen to this do it! I challenge anyone not to be moved. Fantastic radio from
@BBCr4today
. At about 24m
@Stella_Assange
talks about visits to Belmarsh with her children to see Julian. That bought back a lot of memories.
A Barrister knowingly using a fake expert. Same as in my trial. Both prosecution counsel knew a number of people had written his report and approved a “specialist” (paid and subject to an NDA) checking it for “howlers”. One day this will all come out.
Well
@PetersandPeters
yes it does matter to me given I have spent the last eight years fighting for it. It also matters to others wrongly convicted and frankly as a law firm it should matter to you too that people went to prison for submitting numerically accurate rates.
Ahead of my appeal tomorrow
@PrivateEyeNews
reveal the BOE was asking brokers to move their screens to change the Euribor rates. Though I never requested this of my brokers my lesser acts left me with a 14 year prison sentence…
Nice article by
@jameshurley
in
@thetimes
Big week ahead for myself, solicitor
@karentodner
and fantastic counsel from
@QEBHW
. It’s been over 12yrs for me now and took 7.5yrs to get back to the CoA. It’s now time for exoneration of all IBOR traders.
Convicted IBOR traders got a total of 49yrs and 7 months at sentencing for something not recognised as criminal anywhere else globally, I got 14, longer than virtually all violent rapes. Then this…
Judges told not to jail rapists as prisons are full
I only did 7 months there and it’s a tough jail, when I got back to my high security cat B prison it felt like I was on holiday in comparison. It’s so oppressive, just let the poor bloke out.
On this day last year I was released from prison. Six and a half years after my conviction we are still fighting to expose the use of fake experts by the SFO. DCI Granville of met police said the “SFO we’re aware of his level of expertise” (none re Libor)
@ccrcupdate
say not!
If want to know why we lost look no further. The judge who decided if the US law was preferable to the UK law was the person who wrote the UK version. This obvious conflict of interest should have been declared. Fresh appeal with impartial panel needed
Also a massive thank you to all those who have supported me during this process whether financially or emotionally. You kept me going when I wanted to give up and kept me just about sane. You believed in me when others wouldn’t. Thank you
This is interesting, vast majority of sub postmasters pled guilty. It’s the belligerent few who fought and eventually exposed the miscarriage of justice. Conversely most U.K. defendants in Libor cases fought thereby ruining the plan for mass guilty pleas.
I’m delighted that at the fifth attempt the court has finally and correctly certified this as a point of law of public importance. The IBOR traders have long insisted that submitting numerically truthful values was truthful, genuine and honest. Now the Supreme Court can decide.
This is a disgrace, he is also right to distrust the institutions that so badly let him down and demand a statutory inquiry. The idea they will voluntarily assist in their own mendacity is absurd.
Wrongly jailed man 'broke' and living in tent - BBC
Thanks to
@DavidDavisMP
and
@johnmcdonnellMP
for their support, also
@andyverity
whose 7yr investigation exposed the truth. Also my solicitor
@karentodner
who took my case when no one else wanted to. It’s been 7 year fight but today we too a step toward justice for all traders
Back in May I highlighted the case of former trader Tom Hayes and other LIBOR cases that appear to be major miscarriages of justice.
The Criminal Cases Review Commission has now referred Mr Hayes' case back to the Court of Appeal.
Big day for me at the RCJ tomorrow. Hoping the CoA has done the right thing for all IBOR defendants at the very least we finally deserve an audience at the Supreme Court.
23 was a huge year for the IBOR traders. 24 could be even better as we head to the court of appeal in March. On behalf of myself and the others thanks to all that have supported and helped. My legal team led by
@karentodner
and counsel from
@QEBHW
have been amazing.Onto Victory💪
Today the CCRC meet to decide whether to return my case and by extension all Libor convictions back to the court of appeal. I hope they do the right thing. On another matter the Libor enquiry needs to be reopened to hear new evidence and be shown what they missed.
Thanks to
@PrivateEyeNews
covering the fact the prosecution knowingly used a unqualified expert in my trial. Something the metropolitan police then used as justification for not OPENING a criminal investigation into him. More in the magazine….
When I was charged my namesake, Tom Hayes, was keen to distance himself from me and assure people he was not involved in the Libor “scandal”. I’d like to return the favour, don’t worry folks I’m not the new Labour MP for Bournemouth East.
@Bonecondor
@davidbelle_
Ok so I’m convicted alone in a conspiracy to alleged manipulate a rate I didn’t choose? How does that work please? Watch out for my upcoming appeal to see the non disclosure and false testimony that occurred in my trial and hear the truth.
Thank God these guys exist. People let down by the CCRC and courts rely on people like this and investigative journalism like Private Eye and
@andyverity
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After a successful appeal I will be seeking an apology from
@euromoney
for this description. The US dismissed my charges as they were based on a flawed theory of law & my conduct is not deemed criminal outside of the U.K. Also the comparison to Leeson and SBF bears no scrutiny.
Enjoyed speaking at
@andyverity
book launch with
@flint_books
. It was lovely to see lots of former colleagues and meet people interested and concerned about what has happened. Buy the book to find out!
Andy Verity at the launch of his book "Rigged" tonight, alongside former City trader Tom Hayes who spent five and half years in jail for a crime that didn't exist, when leaders in Downing Street, the Bank & the City really were urging banks to fiddle the Libor rate in a bug way
The UK is shaking up banking regulation but the truth is that right now it is a country without legal certainty that can respectively introduce rules and use them to imprison people for conduct the rest of the world views as legitimate. Fix that first.
The summary of the judgement of the appeal of myself and Carlo Palombo will be read out in court 8 at the RCJ at 11:30am tomorrow by Lord Justice Bean, the presiding judge. I will of course be there!
Certified on both of our points. The battle is now on. We expect the Supreme Court to allow us leave directly and will argue in front of them for the first time.
Congrats to
@MConnollyittm
on his settlement with DB. Just one of many scapegoated employees in the IBOR cases. Mad that the UK contingent remain convicted criminals whilst those in the USA are finally getting the redress they deserve…
This was so true. I only journalist I knew in 2012 who bothered to question the narrative perpetuated by the SFO was
@izakaminska
. Shame the FT editorial team beat her down rather than listen to her. Instead the FT repeatedly came to my home and the university of my brother.
Private eye who have long been trying to expose what happened in Libor again doing a great job. Pleased David David recognised Ewan’s perjury and the conspiracy between the prosecution and the fake expert!
In 2012 the communications director at the Bank of England was told to spin the story away from the bank and towards the traders (us). They knew how to manage their risk. These pieces haven’t even really fully touched on the Whitehall role. Buy the book for that
This appeal is for all the IBOR traders globally who were torn from their home countries and prosecuted and imprisoned in the UK for behaviour not recognised as criminal in their place of birth.
In May 2023 in the House of Commons, I raised both Tom Hayes' case, and other LIBOR cases, that appear to be major miscarriages of justice.
I am now pleased to see Hayes has been given permission to appeal against the conviction at the Supreme Court.
I was convicted for talking to brokers (all subsequently acquitted) about Libor. Well here are the BOE asking Prebon to move their screens to attempt to move the published Euribor rate. Hmmm….
Given the conflicted judge who heard this case we should really have a completely fresh appeal. Failing that the CoA,for the first time of 5,should certify this case for the Supreme Court
Interest rate rigging appeal must go to top court, say politicians
To celebrate the CCRC decision I went back to see mum in Winchester with my girlfriend. They’ve both given me loads of support of the last 18 months post the initial rejection. This is a picture of the lavender outside the house!
The irony is that several imprisoned traders in the UK did just that, now they would not even be extradited. I was in Tokyo the whole time dealing in JPY, not even sanctioned by the regulator there. That just illustrates the danger of this latest ruling
Children suffer a great deal when a parent is incarcerated and devastation wrought on the family. My son still suffers hugely from anxiety and fears of abandonment despite therapy.
Nine members of Lost Chances, a group set up for children of Post Office victims, will meet Fujitsu boss Paul Patterson this week to read statements on how the Horizon scandal has impacted their lives. They want a fund to help them. In today’s
@thetimes
On train to London Paddington, previous train cancelled so Plymouth Argyle FC standing all the way. Need to make sure we sort the same thing to happen before they come to Loftus Road.
The same Paul Tucker who lied to the treasury select committee claiming no knowledge of commercial setting of Libor by banks until 2012. Internal BOE documents I have show he knew from at least 2007. Quietly left the BOE and was given a knighthood…
"Because of a sin of omission on Friday… tremendous pressure fell on the pension funds.”
Ex-Deputy Governor of the Bank of England Sir Paul Tucker says ministers were “nonchalant” about the need for more detail on the government’s growth plan.
#Peston
Few know hard
@sarah_tigh32880
worked before during and after the trial. Today the CCRC along with the 2nd circuit in the USA and courts globally confirmed your legal analysis was right. The truth does not become false based on motivation.
But no review has touched me quite like one. There's an astonishing woman at the heart of this story, without whom neither I nor anyone else would have a clue why it all ran so deep. Her name's Sarah Tighe. I think most would say she's strong and knows her own mind.
A recent private eye article covers the fake expert asking the SFO if a specialist could check his “expert” report, written mainly by others, for “howlers” The SFO acquiesced. Later he also asked others for help with basic questions to “look knowledgeable” in front of the jury.
IBOR cases need to be heard at the Supreme Court. If they block it for a fifth time the law needs to be changed. First though we hope for a fresh appeal at this level with a fresh conflict free panel.
It’s good to see the US courts allowing the civil cases against banks who scapegoated employees proceed.
@MConnollyittm
is blazing a trail for us all, frankly the insidious relationship between prosecutors and banks ruined many lives…
This!
"The lawsuit against
#DeutscheBank
is not just about Matthew Connolly. His case could set a precedent for others who find themselves in similar circumstances, wrongfully accused and convicted..."
I have had so many accounts closed and refusals to open I lose count. Along with denial to other mainstream financial services you become a non person. Even the prison staff who organise specific accounts for prisoners couldn’t get me one.
@FT
@izakaminska
Happy for him I guess. Unfortunately, those of us who are not famous still get denied access to most banks in US and UK after bullshit closures.
@CapitalOne
closed my KIDS bank accounts after I was charged in Libor.
@MerrillLynch
closed my KIDS college accounts down.
🐴🤡's
It’s amazing how being incarcerated changes your way of thinking.I literally am grateful for the smallest things being free offers, a walk in the park, a trip to the supermarket or simply being able to open the door of room I’m in.When that door closes in prison your life changes
I'm thankful I'm not in prison. I'm thankful for my mom, who would have traded places with me in a second. I'm thankful for my whole family who never gave up on saving me. I'm thankful I'm alive and healthy and have the opportunity to spread kindness and joy and nuanced thinking.
This is a real issue. It could be you next. When the court decides that the finding of fact is not determined by a jury then all notion of a fair trial is gone. I am looking at whether this is something I can pursue under the ECHR article 6.
Very true. The psychological waterboarding I faced with a 200 year indictment (now dismissed) in the USA was insane. No wonder I had a nervous breakdown and made hours of false confessions to avoid extradition. Irony is I would now be completely exonerated had I gone to the US
The media has a responsibility to educate themselves about the realities of false confessions and coercive police interrogation methods so they can speak knowledgably about these issues. I highly recommend Professor Saul Kassin's book, Duped.
Thanks to
@MichaelLCrick
for making me his hero of the week on
@GBNEWS
. I don’t feel like a hero but it’s a great honour from him. The reality is all those who have been wrongly prosecuted are heroes who collectively got 49y 7m of prison time.
Nice to meet the Lloyds victims who had their assets stolen at the House of Commons. Fraud the SFO refused to prosecute instead pursuing me who worked for a Swiss bank in Japan dealing in Japanese interest rates. A country that did not even sanction me on a regulatory basis.
Really insightful few hours spent with Tom Hayes yesterday at Westminster. Looking forward to following the next stages of your incredible journey and appreciate the advice about my exposure of both the Fraud
@LloydsBank
and the Executives behind the coverup! 👍
@robilypj
@LBGplc
This is one of the best pieces bar non I have read on this. It also appears that the author may have actually done some research and reading. I strongly encourage anyone with interest to read it.
Freeing the Scapegoat - by Marc Rubinstein - Net Interest
So it continues.
It makes me feel sick that the actions that triggered the commencement of the initial investigation was never revealed to the jury. I’m not claiming a moral high ground but they didn’t hear the full story.
Andy Verity has audio recordings, kept secret for years, which reveal evidence that could upend the received version of the biggest scandal since the financial crash.
He didn’t even declare the conflict. He replaced another judge 72 hours before the appeal, read into that what you will. Large parts of my judgement were cut and paste from the judgement he helped write previously.
Congratulations to Carlo Polombo on his Euribor CCRC referral. He will likely be joined with me at my appeal. It’s time all traders had their convictions overturned!
Standard operating procedure. My mid trial disclosure included devastating BoE material. They knew rates were set based on derivative positions and used broker’s screens to move Euribor around. My jury never saw that evidence in part due to the late disclosure. Disgraceful
Last-minute disclosure by the Post Office once again threatening to hold up the inquiry. Again and again these delays occur and there appear to be few repercussions.
The devastating impact wrongful
Convictions have on the family members of the accused should never be overlooked. Reading this is a reminder that monetary compensation cannot give you back your health, happiness and this case youth. I pray Millie Jo can now heal.
Dame Sue Carr today becomes, and will be known as, the LCJ of England and Wales.
She will be the President of the Courts of England and Wales and Head of the Judiciary of England and Wales.
She is the 98th person to hold this office and the first woman.
The financial costs of contesting convictions are huge, that’s without the pre trial and trial stuff. I had double due to lawyers in the US and U.K.That economic war is a major reason innocent people take plea deals or give up the the fight post conviction
DisruptionBanking investigated the LIBOR trials extensively,submitted freedom of information requests to the SFO,examined court transcripts/evidence and delved into how LIBOR worked pre2008.This has led us to one, firm opinion:that a serious miscarriage of justice has taken place
This was something the traders all suffered from in the Libor trials. A false prosecution narrative was allowed to become accepted fact until the investigative journalism of
@andyverity
exposed what really happened and the perversity of the prosecution case.
The response Alan Bates got was largely the same as that which I got from my then constituency MP. Unfortunately for IBOR traders we had MPs calling for us to be imprisoned before we had due process with little to no understanding. Meanwhile the select committee was lied to..
So former postal affairs minister Ed Davey joins Margot James in saying they failed to be tough enough on the Post Office scandal. The question is why? Were they just weak ministers, or bullied by their officials, or is there something wrong with out system if governance?
You can see the original press conference where he was charged here. In January this year, the US courts decided all the prosecutions of traders for interest rate 'rigging' were misconceived. In other words, the case against him set out here was wrong:
.
@DavidDavisMP
today highlighting concerns of ‘serious miscarriages of justice’ and raising ‘a prima facie case’ to believe that individuals were ‘coerced into perjury’.
“I will write to the Metropolitan Police asking them to investigate any potential perjury”.
About time.
Good luck to
@MConnollyittm
in this. He deserves every penny for being the Deutsche fall guy.
Former trader seeks over $150M from Deutsche Bank for “the destruction of his life” - FX News Group
My friend Seamus in HMP Spring Hill was a consultant to Jimmy McGovern for this. Based on the first five minutes this is easily the most realistic portrayal of prison I have seen on TV.
Why Jimmy McGovern's prison drama Time is 'difficult to watch'
@izakaminska
Make sure you get written acknowledgement from those above you that what you are doing is fine. Events that at the time are acceptable and you don't think about can turn political quickly and suddenly they need a scapegoat/s.
This is so true. My experience really showed me who my true friends were. I’m so grateful to those who stuck by me, visited me in prison and continued to associate with me and defend me sometimes at risk to their own professional position.
When someone is going through hell, just saying “I’m with you” is the most powerful thing you can do.
Advice, perspectives, or offers to help are minimally impactful.
The notion that someone is with you is 10x more powerful.
Be the “Darkest Hour Friend” to those you love.
Thanks to private eye for calling out the failures of counsel in the post office scandal. It appears the chair of the complaints committee is the same counsel who knowingly led an unqualified expert in my case.
Hoping this letter from the president of the Supreme Court in response to the Times article covering our attempt to have our case heard by them is a good omen. The former Lord Chancellor Lord Mackay thinks we ought to finally be heard. Time for the CoA to allow that to happen.
It’s never been mentioned. Not by real or fake experts. Not by any witness for any side. It was disavowed during the oral hearing by the SFO. None of cases were brought on that basis. It’s factually wrong moreover it would mean any requests for a low Libor submission were legal!
Throughout the
@robilypj
and Carlo Palombo Court of Appeal hearings it was clear the judges thought that Libor submission rules required the "cheapest" rate. What's strange is I don't recall this ever being part of the SFO's case.
The chair of the 2012 treasury select committee wants to know why they were misled. The current select committee needs a new inquiry.
Libor scandal ‘must be re-examined’
Nice to be back at the University of Manchester to talk about the latest twists in the case at the court of appeal and the quest for a Supreme Court hearing.
“To succeed in overturning wrongful convictions one needs energy, ambition and determination to overcome the obstacles that strew the path to justice.”
@edwardhenry1
Refuses to be interviewed by
@andyverity
for the BBC investigation into treasury instructions to lie about borrowing costs. Questions then arise about Libor prosecutions so give an interview to a friendly journalist saying bankers should be jailed!
@PJLibor
through psychological waterboarding pled guilty. He should never even have faced a trial. But for
@andyverity
most of this sorry story would have never been told.
Complain about the BOE/treasury telling you to lie about your cost of funds go to jail. Give the order then mislead the treasury select committee like Paul Tucker and you retire with a knighthood. My 5.5 years in jail was for ACCURATE rates! Disgrace.
Productive meeting with CCRC and the commissioners today. Fantastic work and presentation from counsel and
@karentodner
. Some good questions asked and answered. We await their final decision.
Why the BBA looked at and rejected the notion of the lowest rate.Hell they even named the document the construction of Libor! Shame the courts constructed it completely incorrectly especially as those involved in the consultation for this were the who’s who of the financial world
👇👇The final nail in the LIBOR scapegoating scandal? (Excellent articles by James Hurley)
On 10th June 2008 The BBA (British Banking Association) published its paper intended to clarify to the world what LIBOR was and the specific rules that applied to it. This after multiple
What I can’t understand is the English Law notion that a fraudulent misrepresentation can be a numerically accurate rate at which you could borrow money. It explains the complete dearth money and victims in our cases. The legal gymnastics required to make this a crime are insane.
The final paragraph is so true. The judiciary really do need to recognise the limits of their expertise in technical matters. We’ve had numerous experts in our cases disagree publicly with them. Once they adopt a position trying to correct it is near impossible.
Professor Mike Hall, an expert witness for the defence at the Letby trial who was not called to the stand, has written a the letter to
@bmj_latest
He has not had a reply, so I presume they are not going to publish it
@KamranAbbasi
But I believe it should be in the public
It breaks my heart to see how small he was when I got sent to prison. I remember that visit and it was so upsetting. I missed five and half years of his life because of all the lies that were told. I owe it to him to fight till the end.