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
Anambra residents pour encomium on retiring CP Adeoye
Gov Zulum approves employment of 15 persons with disabilities
4 dead, 70 vehicles burnt in fuel tanker explosion in Rivers
You can't artificially force naira to gain value, Ned Nwoko tells CBN, FG
19 children feared killed by measles complications in Adamawa
Niger Delta youths urge stakeholders to support amnesty program boss Otuaro
Dufil Prima Foods brings relief to indigent families in Abeokuta
World Bank anticipates substantial decline in global food prices by 2025
Yahaya Bello's nemesis, Akpoti tells EFCC to see ex-governor's case to the end
ADVERTISEMENT