LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Southwark Crown Court today ordered Tom Hayes, the first individual to be convicted for the manipulation of LIBOR, to pay a confiscation order of £878,806 ($1.24 million).
Hayes was convicted of eight counts of conspiracy to defraud in August 2015 and sentenced to 14 years in prison. In December 2015, the sentence was reduced to 11 years on appeal.
During the confiscation proceedings, the court considered the amount of benefits Hayes received from the criminal conduct, as well as the likely sum recoverable from him.
Mr Justice Cooke, who oversaw the trial and confiscation proceedings, found that Hayes would not have been rated as highly as he was by UBS and Citi if he had not been successful in the manipulation of LIBOR. Therefore, he would not have been rewarded as highly as he was but for that activity.
Mr Justice Cooke concluded that the final amount to be confiscated should be £878,806. The total available assets are in the sum of £1,705,167.56.
In case Hayes fails to satisfy the order within a specified period, he would incur a default prison sentence of three years.
Mark Thompson, Head of the SFO’s Proceeds of Crime Division, comments:
“The court acknowledged the challenges of quantifying the benefit from crime in this case. The SFO provided the court with all the available information and the outcome is a substantial confiscation order, which Mr Hayes will need to satisfy or face a further period of imprisonment.”
For the full announcement about the confiscation order, click here.