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☆ UK Libor trader Hayes loses appeal against rate-rigging conviction
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +1 min

Thomas Hayes, a former trader at banks including UBS Group AG and Citigroup, on Aug 3, 2015. Tom Hayes, the first trader jailed worldwide for interest rate rigging, lost his appeal against his conviction in a London court on Wednesday. Hayes, a former star Citigroup and UBS trader, was convicted in 2015 of conspiracy to defraud by manipulating Libor, a benchmark rate once used to price trillions of financial products globally. His appeal against his conviction was heard alongside that of Carlo Palombo, a former Barclays trader convicted in 2019 of skewing Libor's euro equivalent, Euribor. Hayes and Palombo were given 14 days to apply for permission to appeal to the Supreme Court.

Persons: Thomas Hayes, Tom Hayes, Hayes, Libor, Carlo Palombo, Palombo's, David Bean, Palombo Organizations: UBS Group AG, Citigroup, UBS, Prosecutors, London, Barclays, Deutsche Bank, Supreme Locations: London, U.S

LONDON (AP) — A British financial trader, who has been described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis, lost his appeal Wednesday to have his conviction quashed. At a three-day hearing in London earlier this month, the men’s lawyers argued that their convictions were “unsafe” and should be quashed. An appeal to the Supreme Court has to be made within 14 days. The scandal emerged in 2012 when some banks were accused of submitting fake numbers on purpose to have the LIBOR set at a rate that better suited them. LIBOR has been phased out in recent years, partly because it was seen by many as worsening the 2008 financial crisis.

Persons: —, Tom Hayes, Hayes, Carlo Palombo, Palombo, dishonestly, “, LIBOR Organizations: Citigroup, Switzerland's UBS, London Inter, Barclays, Deutsche Bank, of Justice, Supreme, U.S Locations: British, U.S, London, France, Germany

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Deutsche Bank's scapegoating ruined the reputation and career of Connolly, a married father of two, and caused the "destruction of his life," the complaint said. Investigations worldwide into Libor manipulation resulted in about $9 billion of fines for banks, including $2.5 billion for Deutsche Bank in 2015. Connolly sued Deutsche Bank four weeks after a New York judge tossed a Libor-rigging indictment against former UBS (UBSG.S) and Citigroup (C.N) trader Tom Hayes and another trader. Hayes had already served more than five years in prison in Britain for rigging Libor. The case is Connolly v. Deutsche Bank AG, U.S. District Court, Southern District of New York, No.

☆ U.S. throws out Libor-rigging charges against Hayes
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Tom Hayes, the first former trader convicted by a jury of manipulating Libor benchmark interest rates, poses for a picture, after being released from HM Prison Ford, in Arundel, Britain January 29, 2021. REUTERS/Toby MelvilleLONDON (Reuters) - A New York judge has dismissed criminal charges against Tom Hayes, the British trader who became the face of the global Libor interest rate scandal. Hayes was released from prison in Britain in January 2021 after serving half an 11-year sentence. Hayes’ legal team is considering further legal options to clear his name, a representative for Hayes said in a statement. “The U.S. Department of Justice has seen fit to dismiss charges based on the same facts, evidence and case in law that the UK courts used to justify my 11-year prison sentence,” Hayes said.

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