Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging

From the Wall Street Journal

Former bank trader Tom Hayes was sentenced to 14 years in jail on Monday after a London jury convicted him of fraudulently trying to rig the London interbank offered rate, or Libor.

The unanimous verdict, followed about an hour later by the judge’s 14-year prison sentence, is one of the harshest penalties meted out against a banker since the financial crisis. While several big banks have pleaded guilty to manipulating Libor, it was the first criminal conviction of an individual for rigging the widely used benchmark.

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