Ex-UBS trader jailed in UK for Libor rigging
AFP/The Local · 3 Aug 2015, 19:33
Published: 03 Aug 2015 19:33 GMT+02:00
- 'Resilient' UBS bounces back with big profits (27 Jul 15)
- UBS trader in UK's biggest fraud out of jail (24 Jun 15)
- UBS pays $545 million over FX and rate fraud (20 May 15)
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.