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LIBOR Yen (Hayes)

Tom Hayes, a former derivatives trader at UBS and Citigroup in Tokyo, was arrested in Surrey on 11 December 2012 by officers from the SFO and City of London Police in connection with an SFO investigation into the manipulation of in Japanese Yen LIBOR. Hayes’ trial at Southwark Crown Court began on 26 May 2015.  He was convicted by a jury on 3 August 2015 on all 8 counts of conspiracy to defraud.  He is currently serving an 11 year prison sentence comprising of a sentence of eight years on each of counts 1-4 and a consecutive sentence of three years on each of counts 5-8.


An appeal against conviction and sentence was heard on 1st and 2nd of December 2015. The appeal against conviction was dismissed. The appeal against sentence led to a reduction from a total of 14 years to 11 years, on 21 December 2015. The full Judgment can be found on the Judiciary’s website.


On 23 March 2016, Tom Hayes was ordered to pay a confiscation order of £878,806 at Southwark Crown Court. Mr Hayes fully satisfied his order on 31 October 2016. The defendant is seeking leave to appeal against his confiscation order.

Page published on 15 Jan 2015 | Page modified on 4 Apr 2017