Jailed Libor rigger Tom Hayes has sentence reduced by three years

The court upheld Hayes’s conviction for conspiracy to defraud

Tom Hayes was the first individual to face trial and be convicted of rigging the Libor lending rate
Tom Hayes was the first individual to face trial and be convicted of rigging the Libor lending rate

The former City trader Tom Hayes, convicted of manipulating the Libor lending rate, had his prison sentence cut from 14 to 11 years by the Court of Appeal yesterday.

However, the judges warned the City that fraudulent market manipulation “will result in severe sentences [which] may be significantly greater” than that given to Hayes.

The court upheld Hayes’s conviction for conspiracy to defraud. “We are of the view that taking into account all the circumstances – in particular his age, his non-managerial position in the two banks, and his mild Asperger’s condition – that the overall sentence was longer than was necessary to punish the appellant and to deter others,” the judges said.

Hayes, 36, nicknamed “Rain Man” by colleagues after the Dustin Hoffman character in the Hollywood film of that name, was the first individual to face trial and be convicted of rigging the lending rate used to set the price of loans worth trillions of pounds globally.

He was accused of masterminding an elaborate four-year campaign to rig the yen variant of Libor that involved more than 20 individuals at half a dozen firms in three countries. Hayes was found guilty of eight counts of conspiracy to defraud and sentenced to prison in August.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in