Report - Tom Hayes' behaviour 'not unusual', lawyer says

Courtroom Gavel

Convicted fraudster Tom Hayes’ lawyers argued in court that his 14-year sentence for Libor manipulation is excessive as there is no need to treat the punishment as a deterrent to others.

The Daily Telegraph reports that the former UBS and Citibank trader was convicted in August in a high-profile trial in which he was accused of masterminding a scheme to manipulate the crucial interest rate benchmark for personal gain.

Lawyer Neil Hawes told the Court of Appeal on Wednesday that the prison sentence given to Hayes was excessively long. He said that regulations introduced since the Libor scandal emerged in 2012 already act as a deterrent to other traders following suit, and so Hayes’ sentence does not need to be used in the same way.

To access the complete Daily Telegraph article hit the link below:

Tom Hayes Libor appeal: Lawyer says his behaviour was not unusual

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