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Top related persons:
Tom Hayes - 2 Hayes - 2 Carlo Palombo - 2 Palombo - 2 Thomas Hayes - 1 Libor - 1 Palombo's - 1 David Bean - 1
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Citigroup - 2 Barclays - 2 Deutsche Bank - 2 Supreme - 2 UBS Group AG - 1 UBS - 1 Prosecutors - 1 London - 1

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2 mentions found


☆ 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
☆ A UK Financial Trader Dubbed the Ringleader of an Interest Rate Manipulation Scandal Loses an Appeal
  + stars: | 2024-03-27 | by ( Associated Press | March | At A.M. | ) www.usnews.com   time to read: +2 min
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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