UK prosecutors say evidence 'voluminous' against ex-Citi / UBS trader

Pointing The Finger

British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.

'To describe (the evidence) as voluminous would be rather an understatement', Mukul Chawla, leading counsel for Britain's Serious Fraud Office (SFO), told a preliminary court hearing on Thursday.

Reuters reports that Judge Anthony Leonard told lawyers representing the SFO to serve their prosecution papers by September 30 at the latest. Hayes, a Briton charged last month with conspiracy to defraud, spoke only to confirm his name. The former UBS and Citigroup trader did not enter a plea.

Authorities have been interviewing a string of traders in connection with a sprawling investigation into how crucial benchmark rates such as Libor (London interbank offered rate), against which trillions of dollars of loans are priced, were routinely rigged.

Hit the link below to access the complete Reuters article:

UK prosecutor promises hefty evidence in first Libor fixing case

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image: © Lisamarie Babik

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