Two former Deutsche Bank traders were convicted of fraud on Wednesday for their roles in manipulating a benchmark interest rate, the US Justice Department announced. The convictions of Michael Connolly, 53, of New Jersey, and Gavin Campbell Black, 48, of London, follow the bank's 2015 settlement, in which it agreed to pay $775 million for its role fixing the London Inter-bank Offered Rate.
"Matthew Connolly and Gavin Black undermined the integrity of our financial markets by manipulating LIBOR, which is widely considered to be the most important number in the financial world because of its impact on trillions of dollars in financial products," Brian Benczkowski, head of the Justice Department's criminal division, said in a statement. Connolly and Black were convicted after a month-long trial. Two other Deutsche Bank traders had earlier pleaded guilty.