City trader Tom Hayes has been found guilty by a jury of rigging Libor rates, in a scandal that shook the industry.
Tom Hayes has been found guilty of eight counts of conspiracy to defraud between 2006 and 2010. He was the “ringmaster” in an enormous fraud to manipulate the interbank lending rate whilst working for both UBS and Citigroup.
London’s Southwark Crown Court heard how he constructed a scheme to interfere with the rate in order to boost his six-figure salary.
In an audio clip played during trial, he said “influencing” Libor was “commonplace” and admitted he was a “serial offender”.
Mukul Chawla QC, prosecuting, said Hayes would “cajole”, “beg” and “bribe” brokers through “corrupt” trades to help manipulate Libor.
“On an almost daily basis he set out to dishonestly manipulate or rig Libor at his bank and other banks.”
“He behaved in a thoroughly dishonest and manipulative manner by repeatedly cheating those with whom he had entered into huge financial transactions.
“The motive was a simple one: it was greed.”
He was arrested in December 2012, and it due to be sentenced shortly.
