UK financial regulator the Financial Conduct Authority (The FCA) has decided to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry. The FCA considers that Mr. Hayes is not a fit and proper person as a result of his conviction for conspiracy to defraud in relation…
Read moreSouthwark Crown Court today ordered Tom Hayes, the first individual to be convicted for the manipulation of LIBOR, to pay a confiscation order of £878,806 ($1.24 million). Hayes was convicted of eight counts of conspiracy to defraud in August 2015 and sentenced to 14 years in prison. In December 2015, the sentence was reduced to…
Read moreThe UK Court of Appeal today ruled to reduce the prison sentence of former UBS and Citi trader Tom Hayes, convicted of LIBOR manipulation. The sentence was cut from 14 years to 11 years. The new ruling, in response to Mr Hayes' appeal to the previously issued sentence, took into account all the circumstances, including…
Read moreTom Hayes, a former yen derivatives trader tied to LIBOR based in Tokyo, has pleaded not guilty to eight counts of conspiracy to defraud between 2006 and 2010 — an offence that can carry a 10-year jail sentence.
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