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Libor Rigging Case: Tom Hayes Convicted To 14 Years in Prison

Tom Hayes, a former yen derivatives trader at UBS AG (NYSE:UBS) Group, was convicted to 14 years in prison in connection with the Libor rigging case. He was the first person convicted by a jury for manipulating the global benchmark.

The Serious Fraud Office of the United Kingdom accused Mr. Hayes as the ringleader of more than a dozen traders manipulating the Libor. Mr. Hayes is a mildly autistic mathematician and was given the nickname “Rain Man” by his colleagues. The jury convicted Mr. Hayes of eight counts of conspiracy to defraud.

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The reputation of the Libor was jeopardized

Southwark Crown Court Judge Jeremy Cooke emphasized, “The reputation of Libor is important to the city as a financial sector and the banking institutions of the...