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.
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