Last week the U.K. Serious Fraud Office (SFO) received some rare, yet good news when the jury convicted former UBS trader Tom Hayes for criminal conduct for his role in the manipulation of LIBOR. The unanimous jury verdict was followed by an equally dramatic 14-year prison sentence handed down by the trial judge. This sentence was one of the harshest penalties against a banker since the financial crisis and it was the first criminal conviction of an individual for manipulation of LIBOR on either side of the Atlantic.
