Barclays : Trader's Case Is Dismissed
WASHINGTON – A federal judge dismissed without sending to the jury a case against a former senior Barclays PLC trader accused of illegally trading in anticipation of a major client deal, highlighting the problems prosecutors have faced in efforts to hold individuals liable for allegations of corporate misconduct.
In a 13-page order issued Monday, Senior U.S. District Judge Charles Breyer said the government pursued a case that "violated no clear rule or regulation, was not prohibited by the agreements between the parties, and indeed was consistent with the parties' understanding of the arms-length relationship in which they operated."
The case against Robert Bogucki, the former head of foreign exchange trading in the Americas for Barclays, grew out of a broader investigation into multiple banks' roles in allegedly trying to manipulate financial benchmarks and foreign exchange rates, which led multiple banks to pay billions of dollars in penalties but has left prosecutors with a mixed record of success in pursuing individuals allegedly involved in the conduct.
Mr. Bogucki was indicted last January and accused of misusing information HP Inc. had provided the bank in 2011 to execute a deal that involved selling GBP6 billion ($8 billion) worth of U.S. dollar and British pound exchange-rate options.
The indictment included colorful language between Mr. Bogucki and his colleagues, including saying they would "bash the shit out of" selling those options before executing the HP transaction to push down the price, and issuing warnings to stay quiet or "your ass will be in a f – frying pan."
After a five-day trial, defense lawyers filed what is called a Rule 29 motion which asked Judge Breyer – who had said at trial he was concerned about a potential "massive due-process problem" with the case – to dismiss the charges before they went to a jury.
https://www.marketscreener.com/BARCLAYS-9583556/news/Barclays-Trader-s-Case-Is-Dismissed-28110920/