Elkan Abramowitz and Jonathan S. Sack Bad Intentions Are Not Enough: Second Circuit Reverses LIBOR Convictions in 'U.S. v. Connolly'
In this edition of their White-Collar Crime column, Elkan Abramowitz and Jonathan Sack first summarize the facts underlying the 'Connolly' prosecution and then describe the detailed reasoning of the Second Circuit. They conclude by touching on several important takeaways from the holding—above all, that the decision draws attention to the limits of the mail/wire fraud statutes.
March 03, 2022 at 12:00 PM
11 minute read
White Collar Crime
Since about 2011, the Department of Justice has devoted considerable effort to investigate and prosecute alleged manipulation of the London Inter-Bank Offer Rate (LIBOR). LIBOR is an interest rate benchmark that is so embedded in the global financial system that, despite much criticism, and even during DOJ's investigations and prosecutions, LIBOR has continued to be used by institutional borrowers and lenders, and will not be phased out fully until June 2023.
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