Trader has Libor sentence reduced - to 11 years!


Tom Hayes, the former UBS and Citigroup trader found guilty of manipulating Libor, had his sentence cut to 11 years by a London appeals court.

Bloomberg News reports that a panel of three of the U.K.’s most senior judges reduced the 14-year sentence, one of the country’s longest for a non-violent criminal, following a two-day hearing. The court upheld Hayes’s conviction for conspiracy to defraud.

'We are of the view that taking into account all the circumstances - in particular his age, his non-managerial position in the two banks, and his mild Asperger’s condition - that the overall sentence was longer than was necessary to punish the appellant and to deter others', the judges said in a written statement.

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

Tom Hayes Libor Jail Sentence Cut to 11 Years, Conviction Upheld

Banks Asked to Plot Own Collapse in Tests to Find Hidden Risks

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News