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 trader, convicted over the Libor scandal, was paid £1.3m before tax in salary and incentives by UBS from September 2006 to December 2009.
Tom Hayes then joined Citigroup in 2009 because he "felt that UBS were not paying him enough", and received £3.5 million before tax for just nine months' work.
The prosecutor in his trial said Hayes immediately set about rigging Libor sending a message on his first day trading, saying: "Do me a favour and get the Libor rate up?".
Hayes was sacked from the bank after his methods were formally reported to senior management. He was later arrested in the UK in December 2012.
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