City trader Tom Hayes found guilty of rigging Libor

Former trader Tom Hayes leaves Southwark Crown Court in London, Britain June 5, 2015. Evidence disclosed on Friday at the trial of a former trader accused of rigging Libor interest rates showed the trade body in charge of the benchmark rates and Bank of England officials were concerned about the integrity of the system as far back as 2007. REUTERS/Suzanne PlunkettFormer trader Tom Hayes leaves Southwark Crown Court in London, Britain June 5, 2015.

Tom Hayes, the former UBS and Citi trader, has been found guilty of rigging LIBOR. He becomes the first UK trader to be convicted in the LIBOR scandal.

LIBOR — or the London interbank offered rate — is the daily measure is meant to show the rate at which banks will lend to each other and is used to set the price of hundreds of trillions of dollars worth of financial products.

Hayes and other traders manipulated the rate to benefit trades they were carrying out.

Hayes, who has mild Aspergers syndrome was nicknamed “The Rainman” and “Tommy Chocolate” by friends, had pleaded not guilty to eight counts of conspiracy to defraud between 2006 and 2010.

More to follow…

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