Tom Hayes, ex-UBS and Citigroup trader was found guilty for his role in the Libor scandal. The once “star trader” faces eight counts of conspiring to rig Libor and 14 years in prison. While this was the first conviction in the scandal that has sprawled across the globe, the U.K. Serious Fraud Office has achieved significant victory in this case, the Financial Times reports. In its early stages, the regulator alleged that Hayes, along with 24 others conspired to manipulate benchmark interest rates.
“The jury were sure that in his admitted manipulation of LIBOR, Hayes was indeed dishonest. The verdicts underline the point that bankers are subject to the same standards of honesty as the rest of us,” said David Green, director, Serious Fraud Office in a statement. “This brings to an end one strand of the SFO’s continuing Libor investigation. One senior banker previously pleaded guilty and another 11 individuals await their trial.”
