Former Deutsche Bank traders Matthew Connolly and Gavin Campbell Black have managed to secure reversal of their fraud convictions. On January 27, 2022, the Second Circuit U.S. Court of Appeals issued an Opinion reversing the judgments of conviction and remanding the case to the district court for entry of judgments of acquittal.
The Appeals Court considered the appeals from judgments entered in the United States District Court for the Southern District of New York following a jury trial before Colleen McMahon, then-Chief Judge, convicting defendants of wire fraud in violation of 18 U.S.C. § 1343 and conspiracy to commit wire fraud and bank fraud in violation of 18 U.S.C. § 1349, in connection with the London Interbank Offered Rate (“LIBOR”), and sentencing them principally to time-served and supervised release, including various periods in home confinement, and imposing monetary fines.
On appeal, defendants contended principally that the trial evidence was insufficient to prove the falsity, materiality, or fraudulent intent elements of the offenses of which they were convicted.
There were cross-appeals by the government to challenge the sentences imposed, contending principally that the district court failed to determine the availability of adequate monitoring for one defendant’s home confinement and that that failure could result in punishment inadequate to reflect the court’s assessment of the defendants’ relative culpability.
Today, the Appeals Court found that the evidence was insufficient as a matter of law to permit a finding of falsity, and reversed the judgments of conviction and remanded to the district court for entry of judgments of acquittal. The government’s cross-appeals with regard to sentencing were thus found to be moot.
Let’s recall that Matthew Connolly and Gavin Campbell Black appealed from judgments entered in the United States District Court for the Southern District of New York following a jury trial before Colleen McMahon, then-Chief Judge, convicting both defendants on one count charging a 2004-2011 conspiracy to commit wire fraud and bank fraud in violation of 18 U.S.C. § 1349, convicting Connolly on two counts of wire fraud in violation of 18 U.S.C. § 1343, and convicting Black on one count of wire fraud in violation of § 1343, all in connection with the submission of statements that could affect the London Interbank Offered Rate (“LIBOR”), on which many financial transactions rely.
Connolly was sentenced principally to three concurrent terms of time served plus two years of supervised release (the first six months in home confinement), and was ordered to pay a $100,000 fine. Black was sentenced principally to two concurrent terms of time served plus three years of supervised release (the first nine months in home confinement) to be served in his native United Kingdom, and was ordered to pay a $300,000 fine.
On appeal, defendants contend principally that the evidence at trial was insufficient to prove that the LIBOR submissions at issue were false, material, or made with fraudulent intent.
The Appeals Court explains that there are several respects in which the trial evidence, viewed as a whole, fails to support the foundations of the government’s theory of falsity, i.e., that there was (a) one true interest rate, (b) automatically generated by the pricer, (c) which was DB’s LIBOR submission as generated except when there was a request from a trader.
For instance, the testimony of the government’s witnesses revealed that there were many factors other than the data automatically received by the pricer that informed DB’s final LIBOR submission. Also, there were many loans available to DB, with varying interest rates; and as DB could agree to such rates, there was no one true rate that it was required to submit.
In sum, the government sought to prove falsity on the premise that the BBA LIBOR Instruction required DB to submit a particular interest rate, that such a rate was generated automatically by a DB pricer, and that LIBOR submissions that were influenced by requests from DB derivatives traders were false because those submissions were not the numbers automatically generated by the pricer.
However, the government’s main fact witnesses at trial, the LIBOR submitters, testified that there were numerous ways in which the pricer did not generate such numbers automatically because those witnesses regularly altered pricer data and spreads manually; that the LIBOR submitters regularly deviated from the pricer output—even as affected by the submitters’ manual adjustments–in order to make LIBOR submissions that reflected interest rate estimates they had received from independent brokers; and that the LIBOR submitters engaged in all of these practices even on days when they had no requests from DB derivatives traders.
The government failed to produce any evidence that any DB LIBOR submissions that were influenced by the bank’s derivatives traders were not rates at which DB could request, receive offers, and accept loans in DB’s typical loan amounts; hence the government failed to show that any of the trader-influenced submissions were false, fraudulent, or misleading.
While defendants’ efforts to take advantage of DB’s position as a LIBOR panel contributor in order to affect the outcome of contracts to which DB had already agreed may have violated any reasonable notion of fairness, the government’s failure to prove that the LIBOR submissions did not comply with the BBA LIBOR Instruction and were false or misleading means it failed to prove conduct that was within the scope of the statute prohibiting wire fraud schemes.
Accordingly, the Appeals Court reversed defendants’ convictions for wire fraud. Further, given that the government failed to present evidence to show falsity in the trader- influenced submissions, defendants’ convictions for conspiracy to commit wire fraud and bank fraud must also be reversed.
I agree with your point of view, your article has given me a lot of help and benefited me a lot. Thanks. Hope you continue to write such excellent articles.
Your article helped me a lot, is there any more related content? Thanks! https://accounts.binance.com/ru/register-person?ref=UM6SMJM3
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://www.binance.com/sl/join?ref=V2H9AFPY
Viewing the desktop contents and browser history of someone else’s computer is easier than ever, just install keylogger software. https://www.xtmove.com/how-do-keyloggers-secretly-intercept-information-from-phones/
Discover new worlds and epic challenges! Lucky cola
hey there and thank you for your info – I have certainly picked up something new from right here.
I did however expertise some technical points using this website, as I experienced to reload the site
many times previous to I could get it to load correctly.
I had been wondering if your web host is OK? Not that I am complaining,
but slow loading instances times will sometimes affect
your placement in google and can damage your high-quality
score if ads and marketing with Adwords. Anyway
I’m adding this RSS to my email and could look out for a lot more of your respective exciting content.
Ensure that you update this again soon.. Najlepsze escape roomy
I was looking at some of your content on this internet
site and I think this website is really informative!
Keep on posting.?
Hi, I do believe this is an excellent website. I stumbledupon it 😉 I may return yet again since I bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.
Very good post. I’m experiencing a few of these issues as well..
I quite like reading a post that can make men and women think. Also, thanks for allowing me to comment.
After checking out a few of the blog articles on your website, I really like your way of writing a blog. I bookmarked it to my bookmark website list and will be checking back soon. Please check out my web site too and tell me how you feel.
The next time I read a blog, I hope that it does not disappoint me as much as this particular one. I mean, I know it was my choice to read, but I really believed you would have something useful to talk about. All I hear is a bunch of whining about something that you can fix if you weren’t too busy seeking attention.
I really love your website.. Very nice colors & theme. Did you build this amazing site yourself? Please reply back as I’m looking to create my very own blog and would like to find out where you got this from or what the theme is named. Many thanks.
Having read this I believed it was extremely informative. I appreciate you finding the time and energy to put this content together. I once again find myself spending a lot of time both reading and posting comments. But so what, it was still worthwhile!
Aw, this was a really good post. Taking the time and actual effort to generate a very good article… but what can I say… I procrastinate a whole lot and don’t manage to get nearly anything done.
Aw, this was an incredibly good post. Taking a few minutes and actual effort to create a great article… but what can I say… I procrastinate a lot and never manage to get nearly anything done.
I have to thank you for the efforts you’ve put in penning this website. I really hope to view the same high-grade content by you later on as well. In fact, your creative writing abilities has motivated me to get my own site now 😉
This is a great tip particularly to those new to the blogosphere. Simple but very precise information… Thank you for sharing this one. A must read article!
Howdy! I simply wish to offer you a big thumbs up for your excellent info you have got here on this post. I am coming back to your site for more soon.
It’s nearly impossible to find educated people for this subject, however, you seem like you know what you’re talking about! Thanks
Aw, this was an incredibly good post. Taking the time and actual effort to make a good article… but what can I say… I hesitate a lot and don’t seem to get nearly anything done.
Good web site you have here.. It’s hard to find high quality writing like yours nowadays. I really appreciate individuals like you! Take care!!
An impressive share! I’ve just forwarded this onto a colleague who has been conducting a little research on this. And he in fact bought me lunch due to the fact that I found it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanx for spending some time to discuss this subject here on your internet site.
An impressive share! I have just forwarded this onto a colleague who had been doing a little research on this. And he in fact ordered me breakfast due to the fact that I stumbled upon it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanks for spending the time to talk about this matter here on your web site.
How have the credit crisis and housing downtown affected the way people invest?
Good day! I just would like to give you a huge thumbs up for your excellent information you have right here on this post. I will be returning to your site for more soon.
If the IPO price is less than this value you are in for good profits on listing.
This web site really has all of the info I needed about this subject and didn’t know who to ask.
Greetings, There’s no doubt that your website could possibly be having internet browser compatibility issues. When I take a look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping issues. I simply wanted to provide you with a quick heads up! Aside from that, wonderful site!
Hello! I simply wish to give you a big thumbs up for the great information you have got here on this post. I’ll be coming back to your blog for more soon.
I love reading through an article that will make men and women think. Also, thanks for allowing me to comment.
After looking over a few of the blog articles on your web site, I truly appreciate your technique of writing a blog. I saved it to my bookmark website list and will be checking back soon. Take a look at my website too and tell me what you think.
I truly love your blog.. Excellent colors & theme. Did you make this amazing site yourself? Please reply back as I’m trying to create my own personal site and would like to know where you got this from or just what the theme is called. Thank you.
You’re so awesome! I don’t suppose I’ve truly read something like this before. So great to find another person with some unique thoughts on this issue. Seriously.. thank you for starting this up. This website is something that is required on the web, someone with a bit of originality.
You ought to take part in a contest for one of the greatest websites on the net. I will recommend this website!
It’s hard to find well-informed people on this topic, however, you sound like you know what you’re talking about! Thanks
Oh my goodness! Incredible article dude! Thanks, However I am experiencing problems with your RSS. I don’t understand the reason why I cannot join it. Is there anybody else getting similar RSS issues? Anybody who knows the answer will you kindly respond? Thanks.
For the purpose of this study, conducted interviews with more than 100 key industry officials, consultants, health care providers, and government personnel.
As forensic psychology continues to evolve, new challenges and opportunities arise.
Therefore, dissimilar classes of stocks are given dissimilar voting rights.
There is a lot who ponder that, it is likely to be the best deal to self-represent a divorce case because lawyers typically make the things contentious and long term than what things should actually be.
Well, nobody is foreign to foreign exchange rate now!
I absolutely love your site.. Very nice colors & theme. Did you develop this amazing site yourself? Please reply back as I’m planning to create my own personal site and want to learn where you got this from or exactly what the theme is called. Kudos.
A motivating discussion is definitely worth comment. I do think that you ought to publish more about this issue, it may not be a taboo matter but usually people do not speak about these topics. To the next! Many thanks!
Next time I read a blog, Hopefully it doesn’t disappoint me just as much as this one. I mean, I know it was my choice to read through, but I actually thought you’d have something interesting to talk about. All I hear is a bunch of whining about something you can fix if you were not too busy seeking attention.
There’s definately a lot to know about this issue. I really like all the points you made.
It gives the owner of the property a great benefit and an assurance to be able to easily liquidate the funds whenever they require.
Financial models are used in a variety of contexts, including investment banking, corporate finance, and risk management.
The Financial Times interviewed financial analysts in the United States who said that the banks profited from the resale of the bonds; the Venezuelan government did not profit.
It can be argued that the stock market is not rational, but at the end of the day, all investors are making money by following and understanding trends.
Hi, I believe your website could be having browser compatibility problems. When I look at your blog in Safari, it looks fine but when opening in I.E., it’s got some overlapping issues. I just wanted to provide you with a quick heads up! Apart from that, wonderful blog.
Excellent article. I am experiencing many of these issues as well..
I would like to thank you for the efforts you’ve put in writing this site. I’m hoping to view the same high-grade content by you in the future as well. In fact, your creative writing abilities has motivated me to get my own blog now 😉
Greetings! Very useful advice within this post! It is the little changes that will make the biggest changes. Thanks for sharing!
This is the perfect webpage for everyone who wants to find out about this topic. You know a whole lot its almost tough to argue with you (not that I really will need to…HaHa). You definitely put a new spin on a topic that’s been written about for years. Excellent stuff, just excellent.
You ought to take part in a contest for one of the best websites on the web. I am going to highly recommend this blog!
You ought to be a part of a contest for one of the best websites on the web. I am going to highly recommend this website!
I like this weblog it’s a master piece! Glad I found this on google.
Euro trip
You’re so cool! I do not think I have read something like that before. So great to discover somebody with genuine thoughts on this topic. Seriously.. many thanks for starting this up. This website is something that’s needed on the internet, someone with a bit of originality.
Excellent site you’ve got here.. It’s difficult to find high quality writing like yours these days. I honestly appreciate individuals like you! Take care!!
Saved as a favorite, I love your website.
This excellent website truly has all the information I needed concerning this subject and didn’t know who to ask.
Good post. I learn something totally new and challenging on websites I stumbleupon everyday. It’s always exciting to read through content from other authors and use a little something from their websites.
Nice post. I learn something totally new and challenging on sites I stumbleupon on a daily basis. It will always be useful to read through articles from other writers and practice a little something from their websites.
I blog quite often and I truly thank you for your information. This great article has really peaked my interest. I will book mark your blog and keep checking for new details about once a week. I subscribed to your Feed too.
Achieving financial independence gives freedom to make the best use of time to pursue life’s goals and dreams, or help the citizens of the community to lead a life with purpose.
The main characteristics of commodity currency are high-interest rates, exports occupy a relatively high gross national product, and the major producers and exporters of some important primary products, its exchange rate changes in the same direction as a certain commodity or gold price.
On the other hand they are not managed to an index, but instead use the risk-free interest rate as their benchmark.
Periodic, tiny payments are a sensible requirement, and it must be demonstrated that the debtor can make these payments out of his income when all of his obligations are taken into consideration, and these obligations should be identified.
Over time, a diet high in protein can draw calcium from the bones, increasing the risk of osteoporosis and hip fractures.
I could not refrain from commenting. Perfectly written!
There is definately a great deal to know about this topic. I love all of the points you made.
There is definately a great deal to know about this topic. I like all the points you’ve made.
Good post. I learn something new and challenging on blogs I stumbleupon on a daily basis. It’s always exciting to read through articles from other authors and practice something from their web sites.
That is, treasury stock is a contra account to shareholders’ equity.
In a disc-braking system, the car’s wheels are attached to metal discs, or rotors, that spin along with the wheels.
100 market shares are very rare but can arise in niche areas, a close example of this being 91.8 market share in Tetra Pak 1 (BTG Licence), and the 96 market share in plasterboard held by BPB in BPB Industries Plc v Commission OJ.
If the intraday trading is for all traders, even beginners, it is not so far a miracle strategy to make money on the stock market.
Odds of getting scammed are fairly thin if the company you’re considering doing business with is a member of BBB or one other group that tracks buyer satisfaction and records complaints.
Everything is very open with a clear explanation of the issues. It was truly informative. Your site is very helpful. Thank you for sharing!
Can I simply just say what a relief to uncover someone that really understands what they are discussing on the web. You definitely understand how to bring a problem to light and make it important. More and more people should look at this and understand this side of your story. I was surprised you’re not more popular because you surely have the gift.
Very good article. I’m facing many of these issues as well..
You are so interesting! I don’t believe I have read something like that before. So great to discover someone with some genuine thoughts on this issue. Really.. many thanks for starting this up. This website is something that is required on the internet, someone with some originality.
I blog often and I genuinely appreciate your content. Your article has really peaked my interest. I will bookmark your site and keep checking for new details about once a week. I opted in for your RSS feed as well.
Excellent article! We are linking to this particularly great article on our website. Keep up the great writing.
While on other side I assure that it is the most easiest process to be dealt on as n more hard and difficult steps are to be prepared and just a one press of button ensure your dealings.
No one wanted to hire an older woman since there were many younger, more qualified people around.
Your structure settlements might also be divvied up into such small month-to-month payments as to make it almost a non-occasion.
It’s not all fun and games for Google, though.
The company was investigated for funds made to Teodoro Obiang Nguema Mbasogo, the president of Equatorial Guinea.
Tampa, FL – Investment in retail properties such as single-tenant-occupied properties like major stores, big retail malls, small convenience stores or strip malls involve more risks than investments in offices and residential buildings.
When I originally commented I seem to have clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I receive 4 emails with the same comment. There has to be a way you can remove me from that service? Cheers.
I love it whenever people get together and share views. Great site, continue the good work.
If ever your business is suffering losses or you need huge capital for some urgent requirement in the business, then you can always bank upon these assets of yours.
This is a topic that’s near to my heart… Take care! Exactly where are your contact details though?
108 Leonard was constructed as the brand new York Life Constructing and was completed in two phases.
The coins differ in terms of dimension, weight and rim.
The growth potential of the target market – The overall UK market experiences negative growth due to the maturity issue.
Similarly, a private key allows you to send money to others and the transactions are recorded in the blockchain ledger.
Known as a two-seat luxury car that came in a convertible model, the Packard Panther had Clipper taillights, a one-piece fiberglass body, and a removable hard top roof (on one model).
This is a topic that is close to my heart… Take care! Where are your contact details though?
Excellent post. I certainly appreciate this website. Stick with it!
Saved as a favorite, I really like your blog.
It’s hard to find knowledgeable people about this topic, but you seem like you know what you’re talking about! Thanks
There’s additionally profit to having a bunch of top workers relaxing in the identical place.
From 1965 to 1970, the AFDC experienced an growth of 110 p.c, and its rapid development had change into a heated subject of debate for both the Democratic and Republican parties as welfare prices for the federal government elevated.
Everything is very open with a precise description of the challenges. It was truly informative. Your site is useful. Thank you for sharing.
The Axis assault on June 22, 1941, had caught Soviet forces almost completely unprepared.
A variable-fee mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage mortgage with the interest charge on the be aware periodically adjusted primarily based on an index which displays the cost to the lender of borrowing on the credit markets.
Chevrolet insisted that a Monte was “nonetheless the only automobile of its sort made in the U.S.A.,” promising stable value, luxury, type, dependability, resale worth — and craftsmanship.
One of the final notable CP/M-succesful machines to appear was the Commodore 128 in 1985, which had a Z80 for CP/M assist in addition to its native mode using a 6502-derivative CPU.
In Canada, the laws governing property management and landlord/tenant relations are, typically talking, a Provincial responsibility.
I was able to find good information from your blog posts.
I seriously love your website.. Pleasant colors & theme. Did you develop this amazing site yourself? Please reply back as I’m planning to create my own personal website and would like to find out where you got this from or exactly what the theme is called. Kudos!
Having read this I believed it was extremely informative. I appreciate you taking the time and energy to put this article together. I once again find myself personally spending a significant amount of time both reading and commenting. But so what, it was still worthwhile.
Pretty! This has been a really wonderful post. Many thanks for supplying this information.
Very good article! We are linking to this particularly great content on our site. Keep up the great writing.
An outstanding share! I have just forwarded this onto a friend who had been doing a little homework on this. And he actually bought me breakfast due to the fact that I found it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanx for spending the time to talk about this issue here on your blog.
Hello there! I could have sworn I’ve visited this website before but after going through some of the articles I realized it’s new to me. Anyways, I’m definitely pleased I found it and I’ll be book-marking it and checking back regularly.
Good article. I will be facing many of these issues as well..
Hi, There’s no doubt that your blog could possibly be having web browser compatibility issues. Whenever I look at your website in Safari, it looks fine however, when opening in Internet Explorer, it has some overlapping issues. I simply wanted to give you a quick heads up! Other than that, wonderful website!
Great article. I will be going through some of these issues as well..
I love it when people get together and share thoughts. Great website, keep it up!
I like looking through an article that will make men and women think. Also, thanks for allowing me to comment.
Half the output of the second largest gold field on this planet passed through the usual Bank on its strategy to London.
The keys to an effective go to market road map are the choice of appropriate marketing vehicles reflecting your establishment as well as uniqueness of your food.
The original houses were ranch model homes.
This Zigzag pattern shows that they are following a cycle called a market cycle.
Participants were required to book transactions at the end of the day and pay margin against open positions.
There are three basic reasons for that: First, lenders do not have full information about the borrower, whether they have the capacity to pay back their debt and/or whether they are willing to pay (asymmetric information).
What movie are these from?
Greetings! Very useful advice in this particular article! It is the little changes that produce the greatest changes. Many thanks for sharing!
You’re running out of ink, they are saying, the world is coming to an finish.
Indicators are usually what are known as major or lagging signs.
Its retail shoppers have access to investment funds, mounted revenue products (CDB, LCA, LCI and LF), non-public pension (PGBL and VGBL) and COE – Certificate of Structured Operation, geared toward high-earnings retail in Brazil.
This is a topic that is close to my heart… Best wishes! Where are your contact details though?
Mumbai caters to some of the most effective business faculties for Masters in Enterprise management program.
With a retirement fund, you can generate more return on your retirement capital than with a classic retirement savings account.
The CCC packages were intentionally designed not teach abilities that may put them in competitors with unemployed union members.
This excellent website certainly has all the info I wanted about this subject and didn’t know who to ask.
Howdy! I could have sworn I’ve visited your blog before but after going through many of the articles I realized it’s new to me. Nonetheless, I’m definitely happy I found it and I’ll be bookmarking it and checking back often!
Excellent site you have got here.. It’s difficult to find quality writing like yours nowadays. I truly appreciate people like you! Take care!!
I’m impressed, I must say. Seldom do I encounter a blog that’s equally educative and engaging, and let me tell you, you have hit the nail on the head. The problem is something which too few men and women are speaking intelligently about. I’m very happy that I stumbled across this in my hunt for something concerning this.
Aw, this was a really nice post. Taking the time and actual effort to generate a superb article… but what can I say… I hesitate a lot and never manage to get anything done.
I could not refrain from commenting. Perfectly written!
I have to thank you for the efforts you have put in penning this site. I am hoping to view the same high-grade content from you later on as well. In fact, your creative writing abilities has inspired me to get my very own blog now 😉
This is the perfect web site for anyone who wants to understand this topic. You know so much its almost tough to argue with you (not that I actually would want to…HaHa). You certainly put a new spin on a subject that’s been written about for decades. Excellent stuff, just excellent.
Aw, this was an extremely good post. Taking a few minutes and actual effort to generate a superb article… but what can I say… I put things off a whole lot and don’t seem to get nearly anything done.
There is definately a great deal to learn about this issue. I love all of the points you have made.
Having read this I thought it was rather informative. I appreciate you finding the time and energy to put this informative article together. I once again find myself spending a significant amount of time both reading and commenting. But so what, it was still worth it!
Having read this I believed it was very enlightening. I appreciate you spending some time and energy to put this informative article together. I once again find myself personally spending a lot of time both reading and leaving comments. But so what, it was still worth it.