HSBC, Rabobank Employees Conspired With Hayes On Libor, SFO Says

HSBC Canary Wharf

Tom Hayes, the former UBS and Citigroup derivatives trader, conspired with employees at HSBC, Rabobank Groep and other banks, as well as brokers, to manipulate Libor rates, prosecutors said Thursday.

Bloomberg reports that Hayes, 33, appeared at a London court for the first time Thursday, where prosecutors from the U.K. Serious Fraud Office laid out the charges against him.

Hayes was charged with working with employees at banks as well as Tullett Prebon, ICAP and RP Martin Holding, the SFO said in documents read out Thursday.

Hayes is scheduled to appear at a higher criminal court on July 4. Charges haven’t been filed against anyone else in the case related to manipulation of the London interbank offered rate.

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HSBC, Rabobank Employees Conspired With Hayes on Libor, SFO Says

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