A City trader from Hampshire has become the first person to be convicted by a jury of rigging Libor rates in a scandal that shook financial markets.
Tom Hayes, 35, was the "ringmaster" in an enormous fraud to manipulate the benchmark interest rates. Today he was jailed for 14 years.
A City trader has become the first person to be convicted of rigging Libor rates in a scandal that shook financial markets.
Tom Hayes, 35, was the "ringmaster" in an enormous fraud to manipulate the benchmark interest rates.
The highly-paid ex-trader at UBS and Citigroup orchestrated a scheme in order to boost his own six-figure earnings, London's Southwark Crown Court heard.
In an audio clip he said "influencing" Libor was "commonplace" and admitted being a "serial offender".
He denied eight charges of conspiracy to defraud when he worked for Switzerland's UBS and America's Citigroup but a jury found him guilty on all counts.
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