Senior Barclays bankers charged with fraud over credit crunch fundraising

From the Guardian

Four former Barclays executives could face lengthy jail sentences after the Serious Fraud Office charged them and the bank with fraud over the way Barclays raised billions of pounds from Qatar at the height of the financial crisis.

The SFO charged former Barclays chief executive John Varley and three former colleagues – Roger Jenkins, Tom Kalaris and Richard Boath – with offences after a five-year investigation into the events surrounding the £11.8bn emergency fundraising conducted by the bank in 2008.

This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout.

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