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First trial of alleged Libor fraudster begins in London


economy

First trial of alleged Libor fraudster begins in London

Former Citigroup and UBS trader, 35-year-old Tom Hayes, has gone on trial in London for his alleged role in the Libor exchange rate fixing scandal.

He is the first of 21 charged individuals to face a judge in the case.
Hayes faces eight counts of conspiracy between 2006 and 2010. The charges carry a sentence of 10 years in jail.

The prosecution claimed Hayes was the “ringmaster” in the complex international fraud, and that he recruited a large number of people to go along with the scam.

The jury was told Hayes said to investigators that “you are greedy, you want every little bit of money you can possibly get … that’s how you are judged, that’s your performance metric.”

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