Valuewalk.com
0
All posts from Valuewalk.com
Valuewalk.com in Valuewalk.com,

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.

libor percentages

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...


More