(Bloomberg) — A former Barclays Plc trader convicted of helping rig a key benchmark rate was banned from working in the finance industry for life.
Colin Bermingham, who was sentenced to five years in prison in 2019, was not “fit and proper” to take on any regulated role, the Financial Conduct Authoritysaid. The ruling comes after the former trader lost an attempt to overturn his guilty finding last year.
“His conviction demonstrates clear and serious dishonesty and a lack of integrity,” the FCA said in a statement Monday.
Bermingham agreed to resolve the matter with the lifetime ban, the FCA said. A lawyer who previously represented Bermingham at trial didn’t immediately return a message seeking comment.
The 2019 convictions of Bermingham and another trader Carlo Palombo were part of the U.K. Serious Fraud Office’s probe into efforts to manipulate the Euro interbank offered rate, which is related to trillions of dollars worth of loans and derivatives.