Tom Hayes, a former UBS and Citigroup trader, was found guilty of charges of conspiracy to defraud on Monday as a jury delivered its verdict in the first trial of a defendant accused of Libor interest rate rigging.
Former trader Hayes found guilty in world's first trial
The London trial that kicked off on May 26, marks a new phase in a seven-year, global inquiry that has seen 21 people charged and some of the world's most powerful banks and brokerages pay around $9 billion in regulatory settlements.
Hayes, a 35-year-old former yen derivatives trader, faces up to 10 years in jail for each count of conspiracy over the manipulation of the London interbank offered rate (Libor), a crucial benchmark for around $450 trillion of financial contracts and consumer loans, between 2006 and 2010.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
APC group claims Tinubu’s initiatives stimulating economic recovery
Plateau Gov urges calm after attack that led to death of 200-level PLASU student
NAFDAC reopens popular Ibadan supermarket shut for selling unregistered product
Gov Adeleke lavished with praise for providing water, sanitation facilities
CSO inaugurates campaign to combat electoral irregularities, promote reforms
Lagos arrests 10 fake officials for carrying out unauthorised enforcement
Ogun govt training herbalists to compete in world trado-medicine market
NNPP founder accuses Kwankwaso of betrayal, threatens legal action
2 students fall and die trying to take a selfie at waterfall
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT