Tom Hayes loses appeal to overturn LIBOR rigging conviction

Alongside former trader Carlo Palombo

Cristian Angeloni
clock • 1 min read

The Court of Appeal in London has quashed the attempt by former UBS and Citigroup trader Tom Hayes to overturn his conviction for rigging interest rate benchmark LIBOR.

Today (27 March) the court upheld the guilty verdict given to the former trader nine years ago. Hayes was the first person in the world to be found guilty as part of the LIBOR scandal and served five and a half years in prison as a result. The Serious Fraud Office successfully prosecuted eight other individuals for rigging LIBOR. Trader Tom Hayes files appeal to overturn LIBOR rigging conviction In his sentence, justice David Bean said there was "indisputable documentary evidence" that the former trader tried to rig the benchmark. The justice added Hayes made "frank admissions of d...

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