Trader has Libor sentence reduced - to 11 years!

Gavel

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

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