A former UBS & Citigroup trader has been found guilty at a London court of rigging global Libor interest rates.
Tom Hayes, 35 was found guilty of eight counts of conspiring to rig Libor, in the first conviction in the global scandal over the manipulation of benchmark interest rates.
After a nine-week trial and seven days of deliberations, the jury of five women and seven men found Hayes, guilty of all eight counts of conspiracy to defraud and he was sentenced to 14 years in prison
RT report: Hayes was accused of being a kingpin of a group manipulating yen Libor by asking rate setters and traders at UBS and several other institutions to move the rates up or down depending on his needs.
He was also accused of encouraging brokers to help him influence other lenders to do the same manipulations or canceling their daily emails saying where Libor should be set on a certain day.
Hayes paid his accomplices by a system of wash trades, regarded by the courts as bribery.
The Serious Fraud Office arrested Hayes in December 2012, just before the US Department of Justice launched a parallel probe.
Prior to his arrest, he gave 82 hours of taped interviews in which he admitted his wrongdoing. He only co-operated with the SFO because of milder courts in Britain. However, he later altered his decision, as he became angered with the process.
In his defense speech, Hayes said he initially confessed to the crimes because he was “frozen with fear” that he would be extradited to America, adding that he never believed he was being dishonest.
“I wanted to do my job as perfectly as I could. It doesn’t matter if I was cleaning a deep fat fryer or picking chicken off the bone, those jobs were left to me because I’d do them the best possible,” he testified, FT quotes.
Hayes ‘team’ included more than 25 other brokers and traders, seven of whom worked at UBS. That included Mike Pieri, Simon Oddie, Mirhat Alykulov, Roger Darin, Joachim Ruh, Rolf Keiser and Yugo Matsumoto, FT reports.
So far, only Darin has been charged in the investigation by US authorities. Darin has not yet been arraigned in the US.
The London Interbank Offered Rate – Libor – is the primary global benchmark for $450 trillion of short-term interest rates, used for a range of retail products, such as mortgages and student loans worldwide.
Latest posts by Niamh Harris (see all)
- Better Late Than Never: Georgia Passes Bill Requiring Voter I.D. for Absentee Ballots - February 25, 2021
- Bombshell: Aide Accuses Gov. Cuomo of Sexual Assault – ‘I Was Told to Shut the Hell up About It’ - February 25, 2021
- Warning for America: The Four Steps of a Marxist Takeover Began in 2020 - February 25, 2021