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First City trader convicted over Libor is jailed for 14 years

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.

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Libor rate-rigging proved costly for a number of banks

Libor rate-rigging was a practice that proved costly for a number of banks when the extent of the scandal emerged in the wake of the 2007 and 2008 financial crisis.

£290m
Barclays was the first bank to be fined over the affair
£940m
was paid by UBS and the US Justice Department filed charges against British trader Tom Hayes
£391m
was the fine for Royal Bank of Scotland
£218m
was the fine levied on Lloyds Banking Group in July 2014 after it admitted rate-rigging

Much of the money paid in fines in the UK has been allocated to charities.

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