Former UBS man, Tom Hayes, accused of Libor rigging faces 10 years in prison if convicted
Friday 05 July 2013
Prosecutors say they have gathered extensive evidence in the case of the former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.
"To describe [the evidence] as voluminous would be rather an understatement," Mukul Chawla, the leading counsel for the Serious Fraud Office, told a preliminary court hearing yesterday.
Judge Anthony Leonard told lawyers representing the SFO to serve their prosecution papers by 30 September.
Mr Hayes, a Briton charged last month with conspiracy to defraud, spoke only to confirm his name. The former UBS and Citigroup trader did not enter a plea.
Authorities have been interviewing a string of traders in connection with a sprawling investigation into how benchmark rates such as Libor, against which trillions of dollars of loans are priced, were routinely rigged. However, Mr Hayes, who allegedly manipulated Libor benchmark interest rates with staff from 10 leading banks and brokers over four years, is the first suspect to be charged by UK and United States prosecutors and brought before a British court in an inquiry stretching from North America to Asia.
The next hearing at which the 33-year-old could submit a plea – a plea and case management hearing – has been provisionally set for the week starting 21 October. Mr Hayes remains on bail.
The Libor scandal, which has sparked public and political outrage and laid bare the failings of authorities and bank bosses, has seen UK and US regulators fine three banks a total of $2.6bn (£1.7bn). Prosecutors and police have charged two men, including Mr Hayes.
Mr Hayes joined the Swiss bank UBS in Tokyo in 2006, leaving in late 2009, to join Citigroup in Tokyo. He left the US bank less than a year later.
Prosecutors allege that together with employees from institutions including UBS, Citigroup, Royal Bank of Scotland, Deutsche Bank, JPMorgan Chase, HSBC and the firm of interdealer brokers Icap, Mr Hayes conspired to defraud.
The maximum UK sentence for conspiracy to defraud is 10 years.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Is this bridge haunted by the ghost of nu rave?
- 3 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Is this bridge haunted by the ghost of nu rave?
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Saudi Arabia says it won't rule out building nuclear weapons
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
The West has it totally wrong on Lee Kuan Yew
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...