SFO may charge key Libor trader

By Julia Duke

18 June 2013 at 11:34 BST

The Serious Fraud office (SFO) looks set to prosecute ex-UBS and Citigroup trader Tom Hayes for alleged criminal fraud charges over Libor manipulation in the UK, according to reports.

If the SFO files charges, it would be Britain’s first attempt to seek criminal recourse against a person they allege was involved in rigging the London inter-bank lending rate, The Telegraph reports.


Mr Hayes was arrested last December by the SFO and was then released on bail.  The US Justice Department charged Mr Hayes and a former colleague in the same month for conspiracy to commit fraud.  
If charged in the UK, Mr Hayes would not face extradition to America due to British double jeopardy laws, The Times reports.
Mr Hayes has yet to comment. He was, however, quoted by The Wall Street Journal in January saying, ‘this goes much higher than me’.


Also read...

Maritime industry and government promote UAE's new Arbitration Law

The UAE maritime sector has teamed up with the government to promote the emirates as am arbitration destination.