Former UBS trader Thomas Hayes, testifying for the first time at his Libor manipulation trial, said that he agreed to plead guilty in 2013 because he was petrified that he would otherwise be extradited to the U.S.
Bloomberg News reports that statements made to prosecutors at the U.K. Serious Fraud Office that made it appear as if he masterminded a scheme to manipulate the rate were exaggerated to get admitted to a leniency program, Hayes said. The 35-year-old, wearing a sweater and blue shirt, said he was desperate to stay in the U.K. with his wife and 1-year-old child.
'The only consideration was getting charged and avoiding extradition' Hayes told London jurors Tuesday. 'I didn’t think about innocence or guilt'.
Hayes, who also worked at Citigroup, has pleaded not guilty to eight counts of conspiracy to manipulate the London interbank offered rate, the benchmark used to value more than $350tril of loans and securities.
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