Brokers ran Libor con on ex-trader, court hears

Gavel

Brokers at ICAP ran an elaborate, four-year con on Tom Hayes, tricking the former UBS trader into believing they were helping him rig Libor, a former employee accused of conspiring with Hayes told London jurors.

Bloomberg News reports that Darrell Read, who was employed by ICAP and its predecessor for more than 20 years, said during a fourth day of testimony that he routinely lied to Hayes, his only client, about his ability to influence the benchmark.

'We worked very hard to build the impression' that 'we could influence Libor', Read said. 'We couldn’t'.

50-year-old Read is one of six brokers from ICAP, Tullett Prebon and RP Martin Holdings on trial over charges they helped Hayes rig a version of the London interbank offered rate tied to the yen. Hayes was convicted of similar charges in August and sentenced to 14 years in prison.

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

ICAP Brokers Ran Four-Year Libor Con on Tom Hayes, Read Says

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