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Former Barclays executives acquitted of conspiracy to commit fraud

28 February, 2020 | Case Updates

Roger Jenkins, Richard Boath and Thomas Kalaris were today acquitted of fraud in the UK’s first trial of bank executives for misconduct during the 2008 Financial Crisis.

The three men were charged with conspiracy to commit fraud in relation to allegedly misleading investors and the markets over capital raising arrangements agreed with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008.

A spokesperson said:

“Our prosecution decisions are always based on the evidence that is available, and we are determined to bring perpetrators of serious financial crime to justice. Wherever our evidential and public interest tests are met, we will always endeavour to bring this before a court.”

Charges against Barclays Plc and Barclays Bank Plc in relation to the 2008 capital raisings were dismissed by the Crown Court in May 2018. The High Court rejected the SFO’s application to re-instate them in October later that year and also refused permission to appeal to the Supreme Court. John Varley, former CEO of Barclays, was also charged in relation to these activities. The case against him was dismissed in April 2019.

Chris Lucas, the Chief Finance Officer of Barclays at the time of this conduct, was named as a co-conspirator on the indictment against these individuals. But for ill-health, he would have been charged and tried.

Notes to Editors

  1. Roger Jenkins, Thomas Kalaris and Richard Boath were acquitted of conspiracy to commit fraud by false representation in relation to the June 2008 capital rising, contrary to s1(1) of the Criminal Law Act 1977 / Fraud by false representation, contrary to section 1 of the Fraud Act 2006, in relation to the June 2008 capital raising.
  2. Roger Jenkins was additionally acquitted of conspiracy to commit fraud by false representation in relation to the October 2008 capital raising, contrary to s1(1) of the Criminal Law Act 1977 / Fraud by false representation in relation to the October 2008 capital raising, contrary to s1(1) of the Criminal Law Act 1977.
  3. The Serious Fraud Office announced that it had launched a criminal investigation into Barclays Plc and its capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd on 15 August 2012.
  4. Barclays Plc and four individuals were charged on 20 June 2017 with conspiracy to commit fraud and the provision of unlawful financial assistance. In February 2018 Barclays Bank plc was also charged with the provision of unlawful financial assistance. The charges against Barclays Plc and Barclays Bank Plc were dismissed by the Crown Court on 21 May 2018
  5. Defendants:
    1. Roger Jenkins (30.09.1955) was Executive Chairman of Investment Banking and Investment Management in the Middle East and North Africa, Barclays Capital;
    2. Thomas Kalaris (07.11.1955) was Chief Executive of Barclays Wealth and Investment Management (a division of Barclays Plc);
    3. Richard Boath (14.12.1958) was European Head of Financial Institutions Group, Barclays Capital.
  6. More information on the investigation and related convictions is here.
  7. Counsel for the Prosecution
    1. Edward Brown QC
    2. Annabel Darlow QC
    3. Philip Stott
  8. Counsel for the Defence
    1. Roger Jenkins: John Kelsey-Fry QC; Jonathan Barnard
    2. Thomas Kalaris: Ian Winter QC; Nicholas Yeo
    3. Richard Boath: William Boyce QC; Karen Robinson