Former City trader, Tom Hayes (35), became the first person to be convicted by a British jury of rigging Libor rates. His trial was at London's Southwark Crown Court, and he was sentenced to 14 years imprisonment.
After a two-month trial, Hayes was found guilty of eight counts of conspiracy to defraud, after a week of deliberations.
The judge, Justice Cooke told Hayes, “You played a leading role in the manipulation of Libor. You exerted pressure on others, essentially trained those junior to you in the activity, made corrupt payments to brokers for their assistance.”
The judge further stated, “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 this City. Probity and honesty is essential, as is trust. The Libor activity, in which you played a leading role, put all that in jeopardy.”
