Judge orders Tom Hayes to pay £878,806

Tom Hayes has been ordered by a judge to pay £878,806 in a proceeds of crime hearing.

The figure relates to Libor manipulation, for which he was convicted of last year.

The former UBS and Citigroup trader was found guilty on eight counts of conspiracy to defraud for his role in manipulating Libor last August.

During the proceeds of crime confiscation hearing, which took place last week at The Old Bailey, the prosecution argued that Hayes was only paid as well as he was because he helped his employers secure high profits through Libor rigging.

However, Reuters reported that Hayes' legal team highlighted that the ex-trader had told the Serious Fraud Office (SFO) during interviews that dishonest Libor activities only accounted for roughly five per cent of his trades.

Hayes was sentenced to 14 years in prison in the first instance, but this was reduced to 11 years by the Court of Appeal last December. The former trader did intend to appeal to the Supreme Court, but this was blocked earlier this month.

The confiscation hearing was overseen by Justice Jeremy Cooke.

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Full story: Judge orders Tom Hayes to pay £878,806: City A.M.

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