Bloomberg News reports that Hayes had been at UBS for less than two months and was sitting on a losing bet on the direction of yen Libor, a lending rate set by a survey of banks. On a call that afternoon, a broker in London suggested he could help the young trader by influencing where rival lenders set their rates, Hayes testified during his trial.
The conversation was a light-bulb moment, he recalled. And so began the nine-year saga that culminated in his conviction Monday on eight counts of conspiracy to rig the London interbank offered rate, the benchmark used to value more than $350tril of loans and securities.
The scruffy 35-year-old is the first person to stand trial for manipulating Libor. Dressed in a light blue shirt and sweater, Hayes shook his head as the jury returned its verdict after a week of deliberations. He was sentenced to 14 years in prison.
To access the complete Bloomberg News article hit the link below: