Bad Intentions Are Not Enough: Second Circuit Reverses LIBOR Convictions in U.S. v. Connolly
March 3, 2022 | New York Law Journal
The Department of Justice has devoted considerable effort to investigating and prosecuting alleged manipulation of the London Inter-Bank Offer Rate, or LIBOR. In our latest article for the New York Law Journal, “Bad Intentions Are Not Enough: Second Circuit Reverses LIBOR Convictions in U.S. v. Connolly," we discuss the Second Circuit’s stunning reversal of the fraud convictions of two former Deutsche Bank traders. The decision shows that the mail/wire fraud statutes, though quite elastic, can also be stretched too far when applied to conduct in financial markets.