The Traderszone Network

Published in TZ Latest News 3 August, 2015 by The TZ Newswire Staff

Former libor ‘ringmaster’ hayes gets 14 years for libor rigging

Former UBS Group AG and Citigroup Inc. trader Tom Hayes, the first person to stand trial for manipulating Libor, was sentenced to 14 years in prison after being found guilty of conspiracy to rig the benchmark rate. After a week of deliberations, jurors unanimously found that the 35-year-old worked with traders and brokers to game the London interbank offered rate to benefit his own trading positions. Judge Jeremy Cooke’s sentence after the unanimous verdict is among the longest for financial crime in the U.K.