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| Trader jailed for 14 years 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 was sentenced to 14 years in prison for conspiracy to defraud. | 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. | 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. |
| From Mark Broad, at Southwark Crown Court | From Mark Broad, at Southwark Crown Court |
| Hayes stood impassively as the foreman on the jury read out all eight guilty verdicts. | 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. | 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 stepfather in the public gallery. | At one point, he shook his head and looked across at his wife, mother and stepfather in the public gallery. |
| Hayes held his head in his hands while his lawyer read out a list of mitigating factors. | Hayes held his head in his hands while his lawyer read out a list of mitigating factors. |
| Hayes was sentenced to 14 years, half to be spent in custody before any possibility of release on licence. | |
| Justice Cooke said Hayes was the "centre and hub" of the manipulation. | Justice Cooke said Hayes was the "centre and hub" of the manipulation. |
| He said: "You succumbed to temptation because you could... To gain status, seniority and remuneration," adding that Hayes' actions were "dishonest and wrong". | He said: "You succumbed to temptation because you could... To gain status, seniority and remuneration," adding that Hayes' actions were "dishonest and wrong". |
| The case was brought by the Serious Fraud Office, which said Hayes set up a network of brokers and traders spanning 10 financial institutions and cajoled or bribed them to help rig Libor rates for profit. | The case was brought by the Serious Fraud Office, which said Hayes set up a network of brokers and traders spanning 10 financial institutions and cajoled or bribed them to help rig Libor rates for profit. |
| It took the jury one week to arrive at the verdicts. | It took the jury one week to arrive at the verdicts. |
| Defence barrister Neil Hawes asked the judge to take into account the prevalence of Libor manipulation at the time, and also that Hayes had been diagnosed with Asperger's syndrome, a condition on the autism spectrum. | Defence barrister Neil Hawes asked the judge to take into account the prevalence of Libor manipulation at the time, and also that Hayes had been diagnosed with Asperger's syndrome, a condition on the autism spectrum. |
| Mr Hawes also said that managers and senior managers at Hayes' bank knew of, and in some cases condoned, Libor manipulation. | Mr Hawes also said that managers and senior managers at Hayes' bank knew of, and in some cases condoned, Libor manipulation. |
| Hayes, a former star trader originally from Fleet in Hampshire, rigged the Libor rates daily for nearly four years while working in Tokyo for UBS, then Citigroup, from 2006 until 2010. | Hayes, a former star trader originally from Fleet in Hampshire, rigged the Libor rates daily for nearly four years while working in Tokyo for UBS, then Citigroup, from 2006 until 2010. |
| Citigroup says it has no comment about the verdicts. UBS has said it was not a party to the case. | Citigroup says it has no comment about the verdicts. UBS has said it was not a party to the case. |
| 'Mars bar' | 'Mars bar' |
| Hayes's trading activities were based around movements in the Libor rate - the London interbank offered rate. | 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. | 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 the rate can be moved simply to make a bank look more creditworthy. | Rigging even minor movements in the rate can result in bumper profits for a trader manipulating the rates, or the rate 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. | 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 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 | Court case |
| Hayes initially co-operated with investigators, confessing to the manipulation. | 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. | 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. | He pleaded "not guilty" to the charges, resulting in the trial, which began on 26 May. |