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Court Declines to Revisit Reversal of LIBOR Convictions

The Second Circuit has denied the government’s request for rehearing en banc in United States v. Allen, et al. (16-cr-98).  In July, a panel of the Court (Cabranes, Pooler, Lynch) vacated the convictions of Anthony Allen and Anthony Conti for wire fraud and conspiracy based on their alleged manipulation of the London Interbank Offered Rate (“LIBOR”).  The Court reasoned that the convictions violated the defendants’ Fifth Amendment rights against self-incrimination because the government relied on the testimony of a cooperator who had substantial exposure to the defendants’ compelled testimony before U.K. authorities.  The government will either have to accept the ruling or seek certiorari from the Supreme Court.

Patterson Belknap Webb & Tyler LLP represented one of the co-defendants who was indicted along with Allen and Conti.

-By Brandon Trice and Harry Sandick