First UK charges in Libor scandal

By Julia Duke

19 June 2013 at 12:00 BST

UK fraud enforcers have charged key Libor trader Tom Hayes in the first criminal case seeking justice for his involvement in rigging the London interbank lending rate.

The ex-UBS and Citigroup trader was charged with eight counts of conspiracy to defraud by the City of London Police, The Financial Times reports.

Criminal charges

Three other banks, which were involved in the scandal, paid more than $2.6bn in fines but did not face criminal charges.
According to the Financial Times, after Mr Hayes’ arrest in December, the SFO conducted several interviews but the other two interdealer brokers arrested have not yet been charged.
Mr Hayes still faces criminal charges in the US  and the Justice Department’s Criminal Division claimed to have ongoing communication with the SFO about alleged fraudulent matters. However, the matter in the UK must be resolved before extradition can occur.


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