A former trader at Barclays who was convicted in absentia this year of conspiracy to defraud has been ordered to pay almost £600,000 in legal costs.
Philippe Moryoussef, 50, a French national, was prosecuted by the Serious Fraud Office for conspiring to manipulate the Euribor interbank lending rate— the Brussels equivalent of Libor — and found guilty by a jury in London in June.
He remained in Paris for the duration of the trial and did not have legal representation in court.
Moryoussef was sentenced to eight years imprisonment, while Christian Bittar, a former star trader at Deutsche Bank who pleaded guilty to conspiracy to defraud just before the trial began, was jailed for five years and four months.
On Thursday Moryoussef was also ordered to pay a confiscation order of £77,354 within three months or face an additional three years on his sentence. In June, Bittar was ordered to pay £2.5m in penalties and almost £800,000 in costs.
Five defendants in the Euribor trial were accused of conspiring to artificially nudge the interest rate up or down by manipulating their banks’ submissions to suit traders’ positions. Even small differences could mean big profits because of the vast sums in play.
Apart from Moryoussef, one individual was found not guilty while three others face a retrial next year after the jury failed to reached a verdict on them.
Another former Deutsche trader, Andreas Hauschild, was arrested in August after leaving his home country of Germany and travelling to Italy, thus triggering a European Arrest Warrant. He was charged by the SFO with conspiracy to defraud in October.
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