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UK: Trader jailed for 14 years over Libor rate-rigging

 |  August 3, 2015

Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.

He was sentenced to 14 years in prison for conspiracy to defraud.

The 35-year old is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.

Many of the world’s leading banks have paid heavy financial penalties for tampering with the key benchmark.

The jury found Hayes guilty on all eight charges of conspiracy to defraud.

Full content: Bloomberg

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