Tom Hayes, a former star trader at UBS and Citigroup, has been found guilty of eight counts of conspiring to rig Libor, the first conviction in the global scandal over the manipulation of benchmark interest rates.
Hayes, a 35-year-old former yen derivatives trader who was described by one investigator in the case as “the Machiavelli of Libor”, was yesterday sentenced to 14 years in jail.
The conviction came three years after a then-record fine against Barclays sparked an international outcry over the rigging of benchmarks and billions of dollars in fines.
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