Deutsche Bank trader fraud case progresses! New York NYCDL supports defendant's complaint

Source: FinanceFeeds 2020-05-15

Shortly after the former Deutsche Bank traders Matthew Connolly and Gavin Campbell Black filed a complaint with the Second Circuit Court of Appeal requesting to overturn their conviction for LIBOR manipulation, the New York Defense Lawyers Committee (NYCDL) expressed support for it.

NYCDL explained that it was particularly interested in the case, because the case directly involved NYCDL's core task, namely, to combat the abuse of criminal regulations and promote the clarification of criminal liability standards.

NYCDL stated that the so-called fraudulent statement in this case refers to the defendant's estimate of the interbank market borrowing rate of his former employer Deutsche Bank AG. These estimates are just an insight, the interest rate data submitted are reasonable estimates, and the defendant never caused or intends to prompt Deutsche Bank to submit the wrong interest rate.

NYCDL said this did not comply with legal requirements. The basis of the criminal fraud allegation is that the defendant made a false statement while knowing or thinking that the statement was false. If the statement is a viewpoint, it means that the government must make sure that the viewpoint is wrong, or at least lack a reasonable basis.

However, the government did not even try to prove that Deutsche Bank ’s interbank rate estimate was wrong or unreasonable, or the defendant knew it was unreasonable. Therefore, it can be concluded that the government failed to prove that the defendant participated in the plan to issue fraudulent lending rates.

In addition, according to NYCDL, the government's statement seems to represent that if corporate executives and employees express their opinions and affect the financial interests of their employers, then the food is prosecuted and imprisoned, which is a way to shirk responsibility.

bank

Deutsche Bank

Matthew Connolly

Gavin Campbell Black

trader

Deutsche Bank trader fraud case progresses! New York NYCDL supports defendant's complaint

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