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Ex-trader jailed for 14 years over Libor rigging

A former UBS and Citigroup trader has been found guilty of eight counts of conspiring to rig Libor and handed 14 years in jail.

Tom Hayes, a 35-year-old former yen derivatives trader, represents the first conviction over the manipulation of interest rates.

In a case brought by the Serious Fraud Office, prosecutors claimed Hayes asked rate setters and traders at UBS and several other banks, and external brokers, to move the rate up or down to benefit his trading positions.

“What this case has shown is the absence of that integrity that ought to characterise banking,” the judge told Hayes after a jury found him guilty on all of the eight charges he faced.

There are already two other trials in the SFO’s case scheduled to begin in the coming year, and the agency is also probing manipulation of forex rates.



Broker found guilty of tax and mortgage fraud

A London mortgage broker who lied about his company’s profits to evade £115,000 in corporation tax has been found guilty of tax and mortgage fraud. HMRC found that Asim Hussain, a director of Lifestyle Mortgages (Middlesex), had diverted company income into other bank accounts to reduce the profits of his company and pay less tax. Hussain […]


Leeds BS increases lending by 22%

Leeds Building Society has increased mortgage lending by 22 per cent year-on-year. The society’s interim results, covering the first six months of the year, show it lent nearly £1.5bn to borrowers in H1 this year, up from around £1.2bn in the same period of 2014. Net lending increased 49.7 per cent from £446m to £668m […]

Leader: FSCS levy reform overdue

Financial services is full of anachronisms and anomalies but the way the Financial Services Compensation Scheme’s boundaries are drawn surely ranks near the top. Frustration among brokers reached boiling point in recent months after it was announced the FSCS levy for the life and pensions sector had trebled from £33m to £100m in the current […]


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