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.

Extradition

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...

Saudi Arabia to launch new bankruptcy law next month

The new system is part of a drive to modernise the Saudi legal system, aimed at enhancing the confidence of domestic and foreign investors.