Former Banker Tom Hayes Launches Supreme Court Appeal
Final Attempt to Overturn Rate Rigging Conviction
Former UBS and Citigroup trader, Tom Hayes, is set to make a final legal challenge at the UK Supreme Court next week, aiming to overturn his conviction.
Hayes was found guilty of manipulating interest rates in a landmark 2015 trial.
Justices of the Supreme Court will convene to examine his case over a three-day period next week. This follows a previous unsuccessful appeal at the Court of Appeal in March of the preceding year.
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Hayes, aged 45, received an initial 15-year prison sentence, which was subsequently reduced to 11 years. His conviction was for conspiracy to rig the London Interbank Offered Rate (Libor) between 2006 and 2010.
Scapegoat?: Tom Hayes and ex-wife Sarah at a previous court hearing in London
Hayes Claims Scapegoating and Personal Devastation
Hayes, one of 38 traders prosecuted in connection with the rate manipulation scandal, maintains he was unfairly singled out as a scapegoat for the broader financial crisis.
He asserts that the protracted legal battle has had a devastating impact on his professional life, his marriage, and his overall well-being. The former trader served five and a half years of his sentence before his release on license in January 2021.
Background: Libor Scandal
The Libor benchmark was discontinued following a major scandal in 2012. Investigations revealed that numerous bankers at various financial institutions had colluded to manipulate the rate by submitting artificially skewed figures.
Concurrent Appeal for Ex-Barclays Trader Carlo Palombo
In a related case, former Barclays trader Carlo Palombo, 46, will also have his appeal heard next week. Palombo was convicted in 2019 in connection to the manipulation of Euribor, another critical benchmark rate.