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After a week’s deliberation, a jury at Southwark Crown Court found former City trader Tom Hayes guilty of conspiracy to defraud, for rigging Libor rates. Mr Justice Cooke sentenced him to 14 years’ imprisonment, stating that Hayes was the “centre and hub” of the manipulation. Hayes was the first person to face a jury trial as a result of the Serious Fraud Office’s investigation into the widespread manipulation of the interbank interest rate. The jury heard that Hayes had rigged the Libor rates daily for nearly four years, from 2006-10, while working for UBS and then Citigroup.
After a week’s deliberation, a jury at Southwark Crown Court found former City trader Tom Hayes guilty of conspiracy to defraud, for rigging Libor rates. Mr Justice Cooke sentenced him to 14 years’ imprisonment, stating that Hayes was the “centre and hub” of the manipulation. Hayes was the first person to face a jury trial as a result of the Serious Fraud Office’s investigation into the widespread manipulation of the interbank interest rate. The jury heard that Hayes had rigged the Libor rates daily for nearly four years, from 2006-10, while working for UBS and then Citigroup.
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