Newspaper article International New York Times

Ex-Trader Ordered to Pay Pounds 878,000 in Libor Case

Newspaper article International New York Times

Ex-Trader Ordered to Pay Pounds 878,000 in Libor Case

Article excerpt

Mr. Hayes was the first person to be put on trial in Britain and convicted on criminal charges related to the manipulation of the benchmark interest rate.

A judge on Wednesday ordered Tom Hayes, a former UBS and Citigroup trader, to forfeit more than 878,000 pounds, or about $1.2 million, in bonuses because of his conviction last year of manipulating a global benchmark interest rate known as Libor.

Mr. Hayes, who is serving an 11-year prison sentence, was the first person to go to trial in Britain and be convicted on criminal charges related to the manipulation of the London interbank offered rate, or Libor.

The ensuing scandal has led to billions of dollars in fines and has rocked the reputations of some of the world's biggest banks, including Barclays, the Royal Bank of Scotland, UBS and Deutsche Bank. …

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