Now Tom Hayes' crowdfunding campaign has broken the £25,000 mark

Money

A campaign to raise legal fees for former trader Tom Hayes has recently broken the £25,000 mark.

At time of writing, the Fundrazr campaign for the former UBS and Citigroup trader had raised £26,705 – or 18 per cent – of its £150,000 target, with a number of four-figure donations coming in over the last week.

Hayes, who was the first person to be found guilty by a jury as a result of the Serious Fraud Office's (SFO) investigation into Libor manipulation, will use the money collected to fund an appeal to the Criminal Cases Review Commission (CCRC).

The CCRC is an independent body which considers whether failed appeals should be reconsidered by the courts.

Hayes had intended to take his case to the Supreme Court but his application to do so was blocked earlier this year. Last December, the Court of Appeal upheld his conviction, but did reduce his sentence from 14 years to 11.

In March, Hayes, whose conviction relates to yen-linked Libor, was ordered to pay £878,806 under a confiscation order. During that court hearing, he described how he had lost nearly everything trading in attempt to raise money for his initial legal fees.

The increase in contributions to Hayes' campaign coincides with the sentencing of four former Barclays bankers, which also came as a result of the SFO's investigation. Last week, Jay Merchant, 45, Alex Pabon, 38, Jonathan Mathew, 35, and Peter Johnson, 61, were sentenced to just over 17 years between them for their roles in manipulating US dollar-linked Libor.

Merchant, Mathew, and Pabon – who were all found guilty by a jury after an 11-week trial – were sentenced to six and a half years, four years and two years and nine months respectively.

Johnson, who had pleaded guilty in October 2014, was also sentenced to four years.

Full story: Now Tom Hayes' crowdfunding campaign has broken the £25,000 mark: City A.M.

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