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EURIBOR bankers ordered to pay over £1.2 million

5 March, 2020 | Case Updates

Two men convicted for manipulating the Euro Interbank Offered Rate (EURIBOR) have been ordered to pay over £1.2million in confiscation orders and costs.

HHJ Gledhill ordered Colin Bermingham to pay prosecution costs of £300,000, within 24 months and ordered Carlo Palombo to pay prosecution costs of £725,000 within 24 months. Palombo was also ordered to pay a confiscation order of £182,000 within three months, or he will face a 30 month default sentence.

Palombo and Bermingham are currently serving respective prison sentences of four and five years in prison for their role in the conspiracy to manipulate interest rates at the height of the financial crisis, after being found guilty in March 2019.

Notes to editors

  1. Colin Bermingham and Carlo Palombo were found guilty of conspiracy to defraud on 28 March 2019.
  2. The judge made the orders over a three day hearing at Southwark Crown Court, which concluded late yesterday, 4 March 2020.
  3. There is more information on this case and related convictions on our website.

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