Libor

Ex-UBS, Citi trader Tom Hayes appears in court over Libor rigging

PUBLISHED : Friday, 21 June, 2013, 12:00am
UPDATED : Friday, 21 June, 2013, 4:18am

Former UBS and Citigroup trader Tom Hayes appeared in a London court yesterday accused of conspiracy to defraud in connection with a global investigation into the Libor interest rate rigging scandal.

Prosecutors allege he conspired with employees from banks - including HSBC, UBS, Citigroup, Deutsche Bank, JPMorgan Chase and Rabobank - and three interdealer brokers - ICAP, Tullett Prebon and RP Martin - to manipulate rates.

Hayes, 33, is the first suspect to face a court in an inquiry stretching from North America to Asia into how traders rigged crucial benchmark rates against which trillions of US dollars of loans are priced.

He stood in the dock at London's Westminster Magistrates' Court to hear eight offences read out relating to his time at UBS and Citigroup in Japan between August 2006 and September 2010.

Hayes spoke only to confirm his name and address and that he understood the charges against him. He was granted bail on condition he not leave or attempt to leave Britain. He must appear in court again on July 4.

The US Department of Justice charged Hayes in December with conspiracy, wire fraud and an antitrust violation, before Britain's Serious Fraud Office made its charges.