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Tom Hayes, the former star trader involved in the Libor scandal, lost his appeal against the conviction for interest rate rigging. The Court of Appeal upheld the convictions of Hayes and another trader, Carlo Palombo, for manipulating benchmark interest rates. Hayes, the first trader jailed worldwide for rate rigging, had attempted to overturn his near decade-old criminal conviction but failed in the London court. The traders were found guilty of conspiring to defraud by manipulating the Libor rate, a benchmark used to price financial products globally.
Former star Citigroup and UBS trader Tom Hayes has lost his appeal against his conviction for conspiring to defraud by manipulating Libor rate, a benchmark rate once used to price trillions of financial products globally https://t.co/bhRJwmku0j https://t.co/STXYJQGtVq
Two former bankers found guilty of rigging key interest rates have had their appeal against their convictions dismissed by the Court of Appeal. https://t.co/qQJ3iXVC1m
‘I’m not a quitter’: bank trader vows to continue fight after losing Libor appeal https://t.co/yaaMxIH0kQ
