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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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UBS and Citigroup react to trader's rigging conviction

The two banks, where Tom Hayes worked while he was rigging Libor rates, have made the following statements, after he was sentenced to 14 years in prison for conspiracy to defraud.

UBS was not a party to this case. It was a matter between the SFO (Serious Fraud Office) and Mr Hayes and UBS has no comment. The bank has resolved this legacy matter with most authorities and is committed to reducing operational risks and upholding a culture of doing the right thing.

– UBS statement

Tom Hayes was terminated in September 2010 following an incident that was reported to compliance. Citi (Citigroup) also reported the matter to the appropriate regulators at the time.

– Citigroup statement

Hayes was employed at UBS from August 2006 to December 2009, and at Citigroup from December 2009 to September 2010.

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