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Trader guilty over Libor rate rigging Trader guilty over Libor rate rigging
(35 minutes later)
Former City trader Tom Hayes has been found guilty over rigging of global Libor interest rates at a London court. Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.
A jury found Hayes guilty on all eight charges of conspiracy to defraud by rigging Libor at Southwark Crown Court in a case brought by the Serious Fraud Office. He is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.
He is the first individual to stand trial for rigging the benchmark interest rates. Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.
Each count carries a possible 10 year sentence. The jury found Hayes guilty on all eight charges of conspiracy to defraud.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. Each count carries a possible 10-year sentence.
If you want to receive Breaking News alerts via email, or on a smartphone or tablet via the BBC News App then details on how to do so are available on this help page. You can also follow @BBCBreaking on Twitter to get the latest alerts. The case was brought by the Serious Fraud Office.
Hayes, a star trader, rigged the Libor rates daily for nearly four years.
It took the jury one week to arrive at the verdicts.
During the trial, the court heard that manipulating Libor rates was so commonplace that an offer of a Mars bar could get it changed.
Hayes told a fellow trader: "Just give the cash desk a Mars bar and they'll set wherever you want."
Hayes's trading activities were based around movements in the Libor rate - an interest rate used by banks around the world to set the price of financial products worth trillions of pounds.
Even minor movements in the rate can result in bumper profits for a trader manipulating the rates.
Hayes confessed, saying that he did not want to be extradited to the US.
He claimed that the manipulation was widespread.