Judgment in the Libor process: prison for ex-UBS-man – Neue Zürcher Zeitung

In London’s Libor process is Tom Hayes, the former derivatives trader at UBS and Citigroup, have been found guilty. He faces a prison sentence of 10 years.

The British Anti-Fraud Office SFO (Senior Fraud Office) has won a great victory in the judicial processing of the Libor scandal: Former UBS and Citigroup-Star dealer Tom Hayes (35 ) has been found guilty by the Southwark Crown Court in London in eight counts and sentenced to 14 years in prison. For each of the offenses a prison sentence of up to ten years could be imposed.

“ringleaders”

Hayes was accused of the ringleaders of a broad conspiracy to manipulate the London Interbank Offered Rate (Libor) to have been. Two and a half years ran the investigation. The judgment underlines that for bankers in terms of honesty the same standards as all other APPLYING, SFO Director David Green.

Worldwide, contracts and loans with a volume of around 290 Bio said. £ knotted at the reference interest rate, which is supposed to reflect the funding costs in interbank trading. Hayes is the first individual who had to answer for the manipulation of the Libor in court. Other methods are under preparation. In September the trial of Hayes’ alleged co-conspirators begins. Previously FCA fines and prohibitions imposed by the Financial Regulator. Against Companies fines were imposed several years ago. They amount to around $ 9 billion. The judicial follow-up is not yet complete. . With civil actions of asset managers and pension institutions are expected to

The indictment accused Hayes before, he had – motivated by greed and the desire for a higher income – the center of a global network of 25 other brokers and traders at ten global companies stood. These contacts have helped him between 2006 and 2010 to influence the interest rate so that it benefited its positions. To determine the Libor estimates were 16 banks caught up to what rate they could borrow money. Hayes began his career at the Royal Bank of Scotland (RBS), was not among the employees, who were entrusted with.

Number Fixed Geek

Hayes, the Asperger’s before trial syndrome was certified, argued his superiors had known what he was doing. He presented himself as a figure fixed geek, which it had gone only to the corporate welfare. With its inquiries to dealers and brokers, he merely want to increase the probability of the fact that the interest rate move in his direction. After the arrest in December 2012 he had first acknowledgment of past misconduct. A native of London, who studied mathematics in Nottingham, but retracted his confession and said he was there at that time just about gone, to prevent his extradition to the United States. The judge described him as a player on the other hand type.