Ex-UBS & Citigroup Trader Tom Hayers Files Appeal to Overturn LIBOR Rigging Fraud & Conspiracy Conviction with 11 Years Jail Sentence in 2015, Served 5.5 Years in Jail & Released in 2021, United States Court Charges Dropped for Tom Hayers in 2022 after 2 Ex-Traders Conviction Overturned by United States Court
23rd September 2023 | Hong Kong
Former UBS & Citigroup trader Tom Hayers has filed an appeal to overturn the LIBOR rigging fraud & conspiracy conviction with 11 years jail sentence in 2015. Tom Hayers had served 5.5 years in jail & was released in 2021. In 2022, United States court had dropped charges against Tom Hayers after 2 ex-traders conviction overturned. In 2022 January, 2 former Deutsche Bank traders had won their appeal in the Libor manipulation case, overturned their conviction in 2018. The United States Court of Appeals in New York said in the judgement that federal prosecutors had failed to provide sufficient evidence to support the 2018 convictions of Matthew Connolly and Gavin Black: “The government failed to show that any of the trader-influenced submissions were false, fraudulent or misleading … … The Libor submissions were not false.” Since Libor manipulation had surfaced in 2012, many financial institutions had been prosecuted and fined including Deutsche Bank, Barclays, Citi, JP Morgan, RBS and many more. LIBOR will be discontinued immediately after 30th June 2023. More info below:
“ Ex-UBS & Citigroup Trader Tom Hayers Files Appeal to Overturn LIBOR Rigging Fraud & Conspiracy Conviction with 11 Years Jail Sentence in 2015, Served 5.5 Years in Jail & Released in 2021, United States Court Charges Dropped for Tom Hayers in 2022 after 2 Ex-Traders Conviction Overturned by United States Court “
2 Former Deutsche Bank Traders Win Appeal in Libor Manipulation Case, Overturn Conviction in 2018
29th January 2022 – 2 former Deutsche Bank traders had won their appeal in the Libor manipulation case, overturning their conviction in 2018. The United States Court of Appeals in New York said in the judgement that federal prosecutors had failed to provide sufficient evidence to support the 2018 convictions of Matthew Connolly and Gavin Black: “The government failed to show that any of the trader-influenced submissions were false, fraudulent or misleading … The Libor submissions were not false.” Since Libor manipulation had surfaced in 2012, many financial institutions had been prosecuted and fined including Deutsche Bank, Barclays, Citi, JP Morgan, RBS and many more. LIBOR will be discontinued immediately after 30th June 2023. (LIBOR ~ London Interbank Offered Rate)
LIBOR
LIBOR® is a benchmark that has historically been determined using input data contributed by a panel of banks. The “panel bank” LIBOR methodology is designed to produce an average rate that is representative of the rates at which large, leading, internationally active banks with access to the wholesale, unsecured funding market could fund themselves in that market in particular currencies for certain tenors.
Immediately prior to December 31, 2021, LIBOR was calculated for five currencies (USD, GBP, EUR, CHF and JPY) and for seven tenors in respect of each currency (Overnight/Spot Next, One Week, One Month, Two Months, Three Months, Six Months and 12 Months), resulting in the publication of 35 individual rates each applicable London business day.
IBA expects to continue to determine and publish the Overnight and the 1-, 3-, 6- and 12-Months USD LIBOR settings using panel bank contributions under the “panel bank” LIBOR methodology until end-June 2023. The Overnight and 12-Months USD LIBOR settings will cease immediately after June 30, 2023.
ICE Benchmark Administration Limited (“IBA”) is the authorized and regulated administrator of LIBOR.
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