London trader jailed for 14 years for rigging Libor rate

GMT 15:26 2015 Monday ,03 August

Arab Today, arab today London trader jailed for 14 years for rigging Libor rate

Former UBS and Citigroup trader Tom Hayes
London - Arab Today

Former UBS and Citigroup trader Tom Hayes was on Monday sentenced to 14 years in jail for rigging the benchmark Libor inter-bank lending rate, in the first conviction of its kind.

The 35-year-old had earlier been found guilty on eight counts of conspiracy to defraud between 2006 and 2010, following a two-month trial at London's Southwark Crown Court.

 

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