Libor scandal: ex-UBS trader Tom Hayes is charged by fraud office
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 18 June 2013
A former UBS trader was today charged with offences of conspiracy to defraud in connection with the investigation by the Serious Fraud Office into the manipulation of the Libor interbank lending rate.
Tom Hayes, who is 33 and from Surrey, was one of the three individuals arrested on December 11 by officers from the Serious Fraud Office (SFO) and City of London Police.
He attended Bishopsgate police station this morning where he was charged by City of London Police with eight counts of conspiracy to defraud. He will appear before Westminster Magistrates' Court at a later date.
The SFO said its investigation into the manipulation of Libor continues.
Late last year, Mr Hayes, who is a one-time Citigroup employee, and another former trader, Roger Darin, were charged by US authorities.
At the time, UBS agreed to pay a record $1.5bn (£1bn) fine to regulators in the US, UK and Switzerland as part of the Libor investigation.
A successful SFO prosecution in the UK is likely to ensure that Mr Hayes would not be extradited to face similar charges in the US.
- 1 Video shows how to turn your phone into a 3D hologram
- 2 Artist Jamie McCartney: How The Great Wall of Vagina is a stand against 'body fascism'
- 3 Katie Hopkins reveals fear she will die during brain surgery to cure epilepsy
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Michael B Jordan and Kate Mara handle excruciatingly awkward and offensive interview questions like pros
RideLondon 2015: Cyclist dies while climbing highest hill in Surrey during sportive
Katie Hopkins reveals fear she will die during brain surgery to cure epilepsy
Tensions flare as Confederate flag supporter reaches for gun when confronted by protests – in pictures
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Tom Cruise: Reporters banned from asking actor about Scientology
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Jeremy Corbyn's anti-austerity agenda will harm poor, says Labour shadow Chancellor Chris Leslie
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...
£11000 - £50000 per annum: Recruitment Genius: This financial company offer ma...
competitive + incentives + uncapped comms: SThree: Did you know? 98% of our di...
competitive: SThree: Did you know? 98% of our directors started with SThree as...