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.
City trader Tom Hayes is now facing a prison sentence after becoming the first person to be convicted of rigging Libor rates.
During his trial, prosecutors said the banker, who has mild autism, and is a fan of Superman bedding, was a "ringmaster" who would "cajole" and "bribe" brokers into manipulating the rate.
As a trader in yen Libor derivatives, he bet on movements of the daily rate banks are able to borrow from each other.
He admitted making "requests" concerning the Libor rate, but insisted lots of bankers were doing the same, and "no one batted an eyelid".
Hayes had denied eight counts of conspiracy to defraud when he worked for Switzerland's UBS and America's Citigroup but a jury found him guilty of all counts.
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