SFO Secures Deferred Prosecution Agreement And LIBOR Convictions

SFO Secures Deferred Prosecution Agreement and LIBOR Convictions

The UK Serious Fraud Office (SFO) will be celebrating after securing two significant public wins last week; its long awaited second Deferred Prosecution Agreement (DPA), and the conviction and sentencing of four individuals for LIBOR manipulation.

After months of speculation, it was announced on Friday that a second entity in the UK had entered into a DPA.  The company, which cannot be named due to ongoing criminal proceedings relating to a number of its former employees, will pay financial orders of £6.5 million (comprising a £6.2million disgorgement of gross profits and a £350,000 financial penalty). This sum includes a 50% discount on the sentencing guidelines' financial penalty starting point, together with further discount to recognise the precarious financial position of the company. £1.9 million of the disgorgement will also be paid by the company's US registered parent company (without any