Have a question?
033 3772 0409

Legal News

Libor trader tells court managers and CEO “knew of rate fixing” (8 July 2015)

Date: 08/07/2015
Duncan Lewis, Legal News Solicitors, Libor trader tells court managers and CEO “knew of rate fixing”

Southwark Crown Court in southeast London has heard how a City trader facing charges involving manipulating the Libor rate “acted with complete transparency” and out of a “hunger” to make money for the bank he worked for, rather than greed.

BBC News reports that 35-year-old Tom Hayes denied that he had worked in a “clandestine” atmosphere – and said that his manager, their managers and even the chief executive were aware of Libor fixing.

The former UBS and Citigroup trader denies eight counts of conspiracy to defraud between 2006 and 2010.

“I acted with complete transparency... My managers knew, my manager's manager knew. In some cases the CEO was aware of it,” Mr Hayes told the court.

He said that at the time he did not feel that he was “doing anything wrong”.

“I was hungry to do the best job I could do because of the performance metric – because that is how you are judged,” he told Southwark Crown Court.

Mr Hayes said that when he arrived at the bank, it appeared as though other traders had already been fixing the rate – and when senior managers at UBS discussed fixing Libor, “nobody batted an eyelid”.

Mr Hayes also said he was frustrated with pay levels at UBS – he told the jury that he had estimated he had made $300 million for UBS over a three-year period and the bank had not paid him what he felt he was owed for his success.
Mr Hayes also said he was “frozen with fear” and "petrified" when he learned that he was to be charged by the US Authorities.
He said he gave interviews to the Serious Fraud Office in 2013, detailing his actions as a Libor trader, in order to prevent him being extradited to the US where he was being charged by the Department of Justice.
My Hayes is the first person to stand trial for allegedly rigging the rate, after a global investigation into Libor rate fixing.

The hearing continues.

Duncan Lewis Business Fraud Lawyers

Duncan Lewis business fraud lawyers can advise at any stage of a charge for white collar crime, rate fixing and business fraud – and are available 24/7, 365 days a year to advise on criminal charges.

There are Duncan Lewis offices nationwide and a criminal defence lawyer can usually reach a police station within 45 minutes to advise on criminal law.
For expert legal advice on criminal charges, call Duncan Lewis criminal solicitors on 020 7923 4020.

For 24/7 help at a police station, call the Duncan Lewis Emergency Hotline on 020 7275 2036.

Call us now on 033 3772 0409 or click here to send online enquiry.
Duncan Lewis is the trading name of Duncan Lewis (Solicitors) Limited. Registered Office is Spencer House, 29 Grove Hill Road, Harrow, HA1 3BN. Company Reg. No. 3718422. VAT Reg. No. 718729013. A list of the company's Directors is displayed at the registered offices address. Authorised and Regulated by the Solicitors Regulation Authority . Offices all across London and in major cities in the UK. ©Duncan Lewis >>Legal Disclaimer, Copyright & Privacy Policy. Duncan Lewis do not accept service by email.