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Trader guilty over Libor rate rigging Trader jailed for 14 years over Libor rate-rigging
(35 minutes later)
Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.
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 was sentenced to 14 years in prison for conspiracy to defraud.
The 35-year old 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.
Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.
The jury found Hayes guilty on all eight charges of conspiracy to defraud.The jury found Hayes guilty on all eight charges of conspiracy to defraud.
Each count carries a possible 10-year sentence. From Mark Broad, at Southwark Crown Court
Hayes stood impassively as the foreman on the jury read out all eight guilty verdicts.
His wife noted down the verdicts as they were read out.
At one point he shook his head and looked across at his wife, mother and step father in the public gallery.
Hayes held his head in his hands while his lawyer read out a list of mitigating factors.
The case was brought by the Serious Fraud Office.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. Each count carries a possible 10-year sentence.
It took the jury one week to arrive at the verdicts. Hayes, a former star trader, rigged the Libor rates daily for nearly four years while working in Tokyo for UBS, then Citigroup, from 2006 until 2010.
During the trial, the court heard that manipulating Libor rates was so commonplace that an offer of a Mars bar could get it changed. Citigroup says it has no comment about the verdicts. UBS has said it was not a party to the case.
'Mars bar'
Hayes's trading activities were based around movements in the Libor rate - the London interbank offered rate.
It is an interest rate used by banks around the world to set the price of financial products worth trillions of pounds.
Rigging even minor movements in the rate can result in bumper profits for a trader manipulating the rates, or it can be moved simply to make a bank look more creditworthy.
During the trial, the court heard that manipulating the Libor rate 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 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.Hayes confessed, saying that he did not want to be extradited to the US.
He claimed that the manipulation was widespread.He claimed that the manipulation was widespread.
Court case
Hayes initially co-operated with investigators, confessing to the manipulation.
But four months after he was charged in 2013, he changed his legal team, and his plea.
He pleaded "not guilty" to the charges, resulting in the trial, which began on 26 May.