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Ex-Barclays trader loses appeal over UK LIBOR-rigging conviction

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Ex-Barclays trader loses appeal over UK LIBOR-rigging conviction

Alex Pabon, who is among former Barclays Plc traders convicted in June 2016 for rigging the London Interbank Offered Rate, has lost an appeal against his conviction, Reuters reported.

In his appeal, Pabon challenged the credibility of expert prosecution witness Saul Rowe, who admitted that he needed help understanding some of the practices he testified about. Pabon argued that Rowe — a former trader who testified in all of the U.K. Serious Fraud Office's LIBOR-rigging trials — provided evidence that was either incomplete or inaccurate and was outside of his expertise.

In its decision, the U.K.'s Court of Appeal said it dismissed Pabon's appeal after concluding that the conviction was safe, adding that the case should serve as a "stark reminder of the need for those instructing expert witnesses to satisfy themselves as to the witness' expertise and to engage — difficult though it sometimes may be — an expert of a suitable caliber," according to the report.

Convicted former Barclays trader Jonathan Mathew and former UBS Group AG and Citigroup Inc. trader Tom Hayes have asked the U.K. Criminal Cases Review Commission to review their cases, the report noted.