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Ex-UBS trader jailed in UK for Libor rigging

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Ex-UBS trader jailed in UK for Libor rigging
Former UBS trader Tom Hayes. Photo: Leon Neal/AFP
19:33 CEST+02:00
A trader who worked for UBS and Citigroup on Monday became the first person to be convicted in Britain of rigging the Libor inter-bank lending rate.

Tom Hayes, 35, was found guilty and sentenced to 14 years in jail following a jury trial at London's Southwark Crown Court.

The jury found the former yen derivatives trader guilty of eight counts of conspiracy to defraud in cases dating from between 2006 and 2010.

According to the court evidence, Hayes established a network of traders working for some of the world's biggest banks and conspired with them to rig bank borrowing rates.

He then used this information to make financial trades for profit before being arrested in December 2012. 

Hayes told investigators of the UK's Serious Fraud Office that he earned £150 million for UBS, Switzerland's largest bank, through trades made over a three-year period.

He denied wrongdoing and maintained he engaged in practices widely followed in the financial sector.

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