British ex-bankers gets 2 years or less in LIBOR scandal

Staff Writer
Columbus CEO

NEW YORK (AP) — While criticizing "mass incarceration" in America and a failure to punish financiers after the financial crisis, a New York judge has sentenced two former British ex-bankers to prison for their roles in manipulating the primary benchmark for global short-term interest rates.

Manhattan federal Judge Jed Rakoff sentenced Anthony Allen to two years in prison and Anthony Conti to a year and a day on Thursday. The former Rabobank employees were convicted in November of conspiracy for their roles in manipulating the London interbank offered rate, known as LIBOR.

While announcing the sentences, Rakoff criticized the U.S. government's failure to prosecute individuals from large financial institutions in connection with the 2008 financial crisis.

And he decried what he called "mass incarceration" in America that falls particularly harshly on black communities.