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SFO chief says more Libor charges on the way after Tom Hayes conviction SFO chief says more Libor charges on the way after Tom Hayes conviction
(about 4 hours later)
More criminal charges are to be brought against individuals suspected of rigging Libor following the conviction of Tom Hayes, according to the head of the Serious Fraud Office.More criminal charges are to be brought against individuals suspected of rigging Libor following the conviction of Tom Hayes, according to the head of the Serious Fraud Office.
David Green, the director of the fraud-busting agency, told the Wall Street Journal that the 14-year jail term handed down to Hayes would “send a strong deterrent message” to others considering rigging benchmark rates.David Green, the director of the fraud-busting agency, told the Wall Street Journal that the 14-year jail term handed down to Hayes would “send a strong deterrent message” to others considering rigging benchmark rates.
Related: Former City trader Tom Hayes given 14-year sentence for Libor riggingRelated: Former City trader Tom Hayes given 14-year sentence for Libor rigging
Hayes is the first person to be convicted by a jury of charges relating to the manipulation of Libor, which is used to set borrowing rates on $3ootn (£190tn) of financial contracts around the world He was found guilty on eight counts of conspiracy to defraud. Hayes is the first person to be convicted by a jury of charges relating to the manipulation of Libor, which is used to set borrowing rates on $3ootn (£190tn) of financial contracts around the world. He was found guilty on eight counts of conspiracy to defraud.
The 35-year old was a former trader at Swiss bank UBS and the US bank Citigroup. The 35-year-old was a former trader at Swiss bank UBS and the US bank Citigroup.
Asked about the sentence, Green said: “It’s part punishment, it’s part deterrent.”Asked about the sentence, Green said: “It’s part punishment, it’s part deterrent.”
When asked whether higher ranking bankers might be pursued, Green told the Wall Street Journal: “We follow the evidence wherever it takes us, and that might be as high up the organisation as you might choose ... If there is evidence and it is in the public interest we will prosecute someone”.When asked whether higher ranking bankers might be pursued, Green told the Wall Street Journal: “We follow the evidence wherever it takes us, and that might be as high up the organisation as you might choose ... If there is evidence and it is in the public interest we will prosecute someone”.
To date 11 others are facing trial for Libor-related charges while one individual has pleaded guilty. The SFO’s investigation into rigging of the global interest rate benchmark is continuing and Green did not give any timescale for any further charges might be brought. To date 11 others are facing trial for Libor-related charges while one individual has pleaded guilty. The SFO’s investigation into rigging of the global interest rate benchmark is continuing and Green did not give any timescale for when any further charges might be brought.
The case is regarded as a relief for Green and the SFO after a series of high-profile problems, including the collapse of an investigation into property developers the Tchenguiz brothers. Vincent Tchenguiz received at least £6m and an apology from the SFO, while Robert Tchenguiz received £1.5m.The case is regarded as a relief for Green and the SFO after a series of high-profile problems, including the collapse of an investigation into property developers the Tchenguiz brothers. Vincent Tchenguiz received at least £6m and an apology from the SFO, while Robert Tchenguiz received £1.5m.
The Hayes conviction “must be a considerable relief to both the SFO and its current director,” Robert Rhodes, a London-based trial lawyer told Bloomberg. Had he been acquitted, Rhodes said, “it would have likely raised serious questions about the judgment of those responsible for bringing prosecutions at the SFO.” The Hayes conviction “must be a considerable relief to both the SFO and its current director,” Robert Rhodes, a London-based trial lawyer told Bloomberg. Had he been acquitted, Rhodes said, “it would have likely raised serious questions about the judgment of those responsible for bringing prosecutions at the SFO”.
Mr Justice Cooke, who sentenced Hayes at Southwark crown court, said: “The conduct involved here is to be marked out as dishonest and wrong and a message sent to the world of banking accordingly. The reputation of Libor is important to the City as a financial sector and the banking institutions of the City.”Mr Justice Cooke, who sentenced Hayes at Southwark crown court, said: “The conduct involved here is to be marked out as dishonest and wrong and a message sent to the world of banking accordingly. The reputation of Libor is important to the City as a financial sector and the banking institutions of the City.”
“Probity and honesty is essential as is trust. The Libor activity of which you played a leading part put all that in jeopardy,” Hayes was told.“Probity and honesty is essential as is trust. The Libor activity of which you played a leading part put all that in jeopardy,” Hayes was told.