Tuesday, 4 August 2015

Former City trader Tom Hayes given 14-year sentence for Libor rigging

From The Guardian –

“Former City trader Tom Hayes has been sentenced to 14 years in jail after becoming the first person to be convicted by a jury of rigging the Libor interest rate.

Hayes, 35, a former UBS and Citigroup yen derivatives trader, was convicted of eight counts of conspiracy to defraud.

Sentencing him at London’s Southwark crown court, Mr Justice Cooke said: “The conduct involved here is to be marked out as dishonest and wrong and a message sent to the world of banking accordingly. The reputation of Libor is important to the city as a financial sector and the banking institutions of the City.

“Probity and honesty is essential as is trust. The Libor activity of which you played a leading part put all that in jeopardy.”

When the judge announced his sentence, Hayes – dressed in a light blue shirt and dark blue jumper with black slacks – put his head in his hands and ran his hands through his hair. During the reading of the judgement he shook his head repeatedly.”

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