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.
Tom Hayes, who has been sentenced to 14 years in prison for manipulating Libor rates, built up a network of traders to help him carry out the fraud, the prosecution said.
Hayes was said to have once offered to pay a contact 100,000 US dollars if he kept the Libor rate as low as possible.
Mukul Chawla QC,prosecuting, said: "On an almost daily basis he set out to dishonestly manipulate or rig Libor at his bank and other banks."
"The motive was a simple one: it was greed", he added.
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