Former UBS man, Tom Hayes, accused of Libor rigging faces 10 years in prison if convicted

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.

PROMOTED VIDEO
Life and Style
food + drink
Arts and Entertainment
musicBand's first new record for 20 years has some tough acts to follow
Life and Style
Shoppers in Covent Garden, London, celebrate after they were the first to buy the iPhone 6, released yesterday
tech
News
Liam Payne has attacked the media for reporting his tweet of support to Willie Robertson and the subsequent backlash from fans
peopleBut One Direction star insists he is not homophobic
Life and Style
healthFor Pure-O OCD sufferers this is a reality they live in
Arts and Entertainment
A bit rich: Maggie Smith in Downton Abbey
tvSeries 5 opening episode attracts lowest ratings since drama began
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Quantitative Risk Manager

Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...

COO / Chief Operating Officer

£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments