Former Trader Given 14 Years Prison for Market Manipulation

A British judge sentenced a former Citibank and UBS trader to 14 years in prison Monday after a jury found him guilty of masterminding the manipulation of a key interest rate
Former Trader Given 14 Years Prison for Market Manipulation
Tom Hayes arrives at Southwark Crown Court in London, Thursday, July 30, 2015, where he denies charges of conspiracy to defraud. AP Photo/Frank Augstein
The Associated Press
Updated:

LONDON—A British judge sentenced a former Citibank and UBS trader to 14 years in prison Monday after a jury found him guilty of masterminding the manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.

Judge Jeremy Cooke sentenced 35-year-old Tom Hayes, who specialized in products pegged to yen-denominated Libor, after jurors found him guilty of manipulating the rate from 2006 to 2010. He was charged with conspiring with other traders — but he says he was made a scapegoat for a common practice.