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Libor-rigging trial: six accused appear in court Libor-rigging trial: six accused appear in court
(35 minutes later)
Six former brokers with nicknames such as “Lord Libor” were “willing and enthusiastic” participants in a widespread scheme to manipulate Libor with Tom Hayes, a jury was told on Tuesday. Six former brokers with nicknames such as “Lord Libor” were “willing and enthusiastic” participants in a widespread scheme to manipulate Libor with Tom Hayes, a jury has been told.
On the first day of a trial that is expected to conclude early in the New Year, the jury was told that the actions of Hayes would “loom large in everything you” hear. On the first day of a trial that is expected to conclude early in the new year, the jury was told on Tuesday that the actions of Hayes would “loom large in everything you” hear.
The six accused – Darrell Read, Colin Goodman, Danny Wilkinson, Terry Farr, James Gilmour and Noel Cryan - each deny the charges of conspiracy to defraud. There are five sets of charges, three covering the period up to December 2009 when Hayes worked for UBS and two for the period from December 2009 to September 2010 when Hayes worked at Citi. The six accused – Darrell Read, Colin Goodman, Danny Wilkinson, Terry Farr, James Gilmour and Noel Cryan – each deny the charges of conspiracy to defraud. There are five sets of charges, three covering the period up to December 2009 when Hayes worked for UBS and two for the period from December 2009 to September 2010 when Hayes worked at Citi.
The jury was told that the case was unusual. “The central figure in all of the five conspiracies is a trader, a man called Tom Hayes. Mr Hayes is not in the dock ... for the simple reason he has already been tried and found guilty of offences for conspiracy to defraud,” Mukul Chawla, QC for the Serious Fraud Office, said. The jury was told that the case was unusual. “The central figure in all of the five conspiracies is a trader, a man called Tom Hayes. Mr Hayes is not in the dock ... for the simple reason he has already been tried and found guilty of offences for conspiracy to defraud,” Mukul Chawla QC, for the Serious Fraud Office, said.
The jurors were told that some of the six had nicknames – such as “Lord Libor”, “Sarg” and “big nose” – and that they would be presented with evidence from instant chats, emails and phone calls.The jurors were told that some of the six had nicknames – such as “Lord Libor”, “Sarg” and “big nose” – and that they would be presented with evidence from instant chats, emails and phone calls.
The prosecutor described the six as “middlemen” at interdealer brokers Icap, RP Martin and Tullett Prebon, who conspired to help Hayes make “literally millions of pounds”.The prosecutor described the six as “middlemen” at interdealer brokers Icap, RP Martin and Tullett Prebon, who conspired to help Hayes make “literally millions of pounds”.
“The motivation was a simple one, it was financial,” Chawla said, alleging there was “dishonest and widespread manipulation” of bank rates.“The motivation was a simple one, it was financial,” Chawla said, alleging there was “dishonest and widespread manipulation” of bank rates.
Reed, the court heard, was Hayes’ primary contact at Icap and spent part of his career in New Zealand. Known as big nose, Reed acted as the link between Goodman and Wilkinson, who was the head of the desk on which Reed worked.Reed, the court heard, was Hayes’ primary contact at Icap and spent part of his career in New Zealand. Known as big nose, Reed acted as the link between Goodman and Wilkinson, who was the head of the desk on which Reed worked.
Goodman signed off his emails with the signature “lord libor”, sending out “run throughs” of where yen Libor would trade each day. “He’d be told of Mr Hayes’ trading position and his Libor wishes,” the prosecution said, and set his predictions “improperly and dishonestly” to influence the panel of banks which set Libor.Goodman signed off his emails with the signature “lord libor”, sending out “run throughs” of where yen Libor would trade each day. “He’d be told of Mr Hayes’ trading position and his Libor wishes,” the prosecution said, and set his predictions “improperly and dishonestly” to influence the panel of banks which set Libor.
Wilkinson, the jury was told, was known as Sarg and more guarded when manipulating Libor, describing it as “arbi” – a shortened version of arbitrage.Wilkinson, the jury was told, was known as Sarg and more guarded when manipulating Libor, describing it as “arbi” – a shortened version of arbitrage.
The three men were in their early 50s or late 40s and very experienced, the jury was told.The three men were in their early 50s or late 40s and very experienced, the jury was told.
Farr, 44, worked at RP Martin on the forward yen desk, and worked in tandem with Gilmour, 50, who was junior to him. “When Mr Farr was absent Mr Gilmour seamlessly filled the void,” the prosecutor said. Farr, 44, worked at RP Martin on the forward yen desk, and worked in tandem with Gilmour, 50, who was junior to him. “When Mr Farr was absent, Mr Gilmour seamlessly filled the void,” the prosecutor said.
Cryan, 49, worked at Tullett and his offences covered the shorter period from February 2009, toward the end of Mr Hayes’ employment at UBS. He was “handsomely rewarded” for this efforts, the jury was told.Cryan, 49, worked at Tullett and his offences covered the shorter period from February 2009, toward the end of Mr Hayes’ employment at UBS. He was “handsomely rewarded” for this efforts, the jury was told.
The case continues.The case continues.