Ex-Citi / UBS Libor trader trial pushed back

Gavel Jason Morrison

The trial of Thomas Hayes, the first individual to be tried for allegedly rigging the London interbank offered rate, has been delayed until May 26, the U.K.’s Serious Fraud Office said.

Bloomberg News reports that Hayes, 35, a former trader at banks including UBS and Citigroup, was scheduled to appear at London’s Southwark Crown Court on May 11.

Reuters reports that the former yen derivatives trader is charged by Britain's SFO with eight counts of conspiracy to defraud between 2006 and 2010 - a criminal offence that carries a maximum jail sentence of 10 years. He has pleaded not guilty.

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