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Second Circuit Voids Former London Trader Convictions

By Jeralyn, Section Court Decisions
Posted on Thu Jul 20, 2017 at 08:17:00 AM EST
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The Second Circuit has voided the convictions of two former London traders.

Allen and Conti, who worked for Dutch-headquartered Rabobank [RABO.UL], were convicted in November 2015 of fraud and conspiracy for trying to rig U.S. dollar and Japanese yen Libor.

They were sentenced to two years and one year in prison, respectively, but remained free during the appeal.

The case is United States v. Allen and the opinion is here.[More...]

First, the Fifth Amendment’s prohibition on the use of compelled testimony in American criminal proceedings applies even when a foreign sovereign has compelled the testimony.

Second, when the government makes use of a witness who has had substantial exposure to defendant’s compelled testimony, it is required under Kastigar v. United States, 406 U.S. 441 (1972), to prove, at a minimum, that the witness’s review of the compelled testimony did not shape, alter, or affect the evidence used by the government.

Third, a bare, generalized denial of taint from a witness who has materially altered his or her testimony after being substantially exposed to a defendant’s compelled testimony is insufficient as a matter of law to sustain the prosecution’s burden of proof.
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