Broker said received close to $1m - and had just one client!

Pot Of Gold

Former ICAP broker Darrell Read was paid close to $920,000 in salary and bonuses in 2010 despite having only a single client: Tom Hayes.

Bloomberg News reports that Read’s total pay almost doubled from two years earlier when he earned $380,836, according to evidence presented during the fourth week of a trial in London.

Prosecutors disclosed Read’s compensation and history with Hayes, a former trader at UBS and Citigroup who has been convicted of manipulating Libor, on Monday, according to court transcripts.

Read is one of six brokers from ICAP, RP Martin Holdings and Tullett Prebon accused of conspiring with Hayes to rig the London interbank offered rate, which is used to value more than $350tril of loans and securities. Hayes is appealing his conviction and a 14-year prison sentence issued in August.

To access the complete Bloomberg News article hit the link below:

Ex-ICAP Broker Paid $920,000 in 2010 With One Client: Tom Hayes

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