{"id":5906,"date":"2015-12-28T00:00:00","date_gmt":"2015-12-28T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/12\/court_refuses_to_overturn_crim"},"modified":"2022-05-17T14:01:53","modified_gmt":"2022-05-17T19:01:53","slug":"court-refuses-to-overturn-crim","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/court-refuses-to-overturn-crim\/","title":{"rendered":"Court Refuses to Overturn Criminal Conviction of Ex-UBS\/Citigroup Trader"},"content":{"rendered":"

In the U.K., a panel for the Court of Appeal refused to overturn the criminal conviction of ex-UBS (UBS)<\/a> and Citigroup (C) <\/a>trader. Tom Hayes is behind bars for conspiring to rig Libor. However, while his conviction will stand, the panel did lower his criminal sentence from 14 years to 11 years, citing his non-managerial role at the two banks and his diagnosis of mild Asperger\u2019s.<\/p>\n

Hayes is considered the main leader, spurring dozens of traders to manipulate the London interbank offered rate. However, his lawyers claim that Hayes did not hide his conduct from others at the bank and never considered his actions dishonest. Hayes said that his behavior was common in his industry.<\/p>\n

When he voluntarily testified before prosecutors, Hayes admitted to manipulating rates. He also testified against a number of ex-friends and colleagues. Hayes also is facing criminal charges in the U.S.<\/p>\n

Libor helps shape the borrowing costs for trillions of dollars in loans. Banks set rates, including Libor, by turning in rates at which they would be willing to lend each other money in different currencies and at different maturities.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the U.K., a panel for the Court of Appeal refused to overturn the criminal conviction of ex-UBS (UBS) and Citigroup (C) trader. Tom Hayes is behind bars for conspiring to rig Libor. However, while his conviction will stand, the panel did lower his criminal sentence from 14 years to 11 years, citing his non-managerial […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3820,3752,4027,3755],"tags":[],"class_list":["post-5906","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms","category-libor-scandal","category-ubs"],"yoast_head":"\nCourt Refuses to Overturn Criminal Conviction of Ex-UBS\/Citigroup Trader — Investor Lawyers Blog — December 28, 2015<\/title>\n<meta name=\"description\" content=\"In the U.K., a panel for the Court of Appeal refused to overturn the criminal conviction of ex-UBS (UBS) and Citigroup (C) trader. 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