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offered rate libor as part of the libor scandal 2 he was sentenced to 14 years in prison reduced to 11 years on appeal although hayes initially cooperated with the serious fraud office he maintained his innocence and claimed during his original trial that he participated in an industry wide practice accusing regulators of making him a scapegoat he asserted managers were aware of his actions and even condoned them 3 he made multiple unsuccessful appeals including to the criminal case review commission in 2025 the supreme court finally overturned his conviction 4 early life edit tom alexander william hayes 5 was born in west london to nicholas and sandra hayes and initially grew up in hammersmith 6 he moved with his mother to winchester after his parents divorced where he was raised by his mother and timothy his stepfather 2 he attended the westgate school and later peter symonds college a fellow student described him as an incredibly smart geek 6 after peter symonds he attended the university of nottingham working in a restaurant kitchen during the summer holidays 7 he graduated with a degree in mathematics and engineering career and education edit in 2001 after time as an intern at ubs he joined royal bank of scotland s trainee programme at the interest rate derivatives desk 2 after working for royal bank of scotland as a junior trader 8 he was headhunted by royal bank of canada in 2004 and upon moving there he assumed greater responsibility 2 after two years at rbc he moved to ubs in late 2006 7 hayes was placed in the tokyo office of ubs 2 where he began making trades involving the discrepancies between the libor rate and japanese interest rates 7 9 hayes turned down an offer from goldman sachs in 2008 but in 2009 accepted an offer from citigroup the bank gave him a 3 million signing bonus 9 hayes graduated with an mba from hult international business school studying at the london campus he met jennifer arcuri there and founded software company title x technology with her in 2012 using developers in bulgaria 10 manipulating libor edit hayes traded derivatives at ubs and later citigroup in tokyo his favoured activity was basis trading speculation on the movements in libor expressed in multiple currencies and various durations trades he might hedge with trades in other derivatives the daily reporting of libor rates by bankers around the world determined his success or failure in generating profits for his bank and bonuses for himself by september 2008 a one basis point 1 100 of one per cent move in libor had about a us 750 000 effect on his bottom line through a network of his broker contacts including one at the world s largest inter dealer broker icap he succeeded in having libor reported lower than its true level in order to drive his profits and personal bonuses higher 11 in less than 9 months in 2010 hayes was fired by citi for his libor activities in its letter dismissing the 35 year old former trader the bank wrote citigroup has uncovered that you attempted to manipulate the yen libor and the tokyo equivalent tibor rates in order to benefit your trading position which it said was a clear breach of its code of conduct resulting in the possibility of serious regulatory actions 12 after being fired he moved back to england where he day traded with his citi bonus 13 arrest and trial edit on 11 december 2012 hayes was arrested by british authorities for his involvement in manipulating libor rates and on 19 december he was charged by the united states for the same crime in order to avoid extradition to and subsequent trial by and imprisonment in the u s hayes initially cooperated with the serious fraud office providing eighty hours of interviews so as to be charged by the united kingdom after being charged hayes withdrew his offer of cooperation intending instead to fight the charges levied by the sfo 14 in response the sfo narrowed the scope of their charges so leaving less overlap between charges by american and british prosecutors creating the possibility of a second trial in the united states 14 hayes was diagnosed with a mild version asperger syndrome before his trial 15 and was accompanied by a court appointed aide during the trial 3 throughout the trial prosecutors used hayes sfo interviews to establish his greed and corruption the defence attempted to illustrate that manipulation of libor was both widespread and expected as part of hayes job description with senior management aware of the tactic 3 conviction edit in august 2015 hayes was sentenced to fourteen years in prison to serve a minimum half of this sentence before being considered for early release 16 the judge jeremy cooke indicated he wished to send a signal to traders involved in illegal trading as the sentence was significantly harsher than those given to other individuals convicted of financial crimes such as nick leeson 16 hayes maintained his innocence through the trial process 17 notwithstanding having stated during sfo interviews well look i mean it s a dishonest scheme isn t it and i was part of the dishonest scheme so obviously i was being dishonest 11 appeal edit appeals by hayes against conviction failed but his sentence was reduced by the court of appeal comprising sir brian leveson elizabeth gloster and john thomas baron thomas of cwmgiedd to eleven years under the same parole conditions 17 18 having exhausted all avenues of appeal in may 2016 hayes instructed solicitor karen todner to make an application for review by the criminal cases review commission ccrc 19 in december 2021 the ccrc handed down a provisional judgement not to refer hayes case to the court of appeal 20 in october 2022 the united states dismissed criminal charges against hayes 21 in july 2023 hayes was finally referred by the ccrc back to the court of appeal in the u k following the connolly and black second circuit appeal court decision in the usa 22 in march 2024 the u k court of appeal upheld hayes conviction 23 lord justice bean said there was indisputable documentary evidence hayes had sought to move libor 24 time in prison edit in 2016 hayes released letters concerning his time in prison 25 in them he described being held separately from other prisoners for his protection in a segregation unit 25 in 2019 he was moved to hm prison ford 26 interviewed in the times hayes spoke of the struggles with his mental health and how becoming a christian and the ministry of the church had helped him to survive 27 on 29 january 2021 hayes was released on licence from ford open prison having served half his sentence 27 conviction overturned edit on 23 july 2025 his conviction was overturned by the supreme court finding that he was denied a fair trial in 2015 the court declared he was deprived of that opportunity by directions given by the judge which were legally inaccurate and unfair 28 lawsuit against ubs edit on 27 october 2025 hayes sued ubs for 400 million in alleged damages claiming his activities were common practice in the bank and senior management was aware the lawsuit alleges ubs s actions cost hayes hundreds of millions in potential earnings reputational damage and emotional and physical trauma 29 personal life edit hayes was married to sarah tighe a corporate lawyer in london with whom he has one child they divorced in september 2019 during his imprisonment although the couple remain on good terms and tighe has campaigned for hayes conviction to be overturned 27 at trial hayes was diagnosed with mild asperger syndrome 15 2 7 30 8 in march 2021 hayes was also diagnosed with multiple sclerosis which he stated was aggravated by his time in prison 31 references edit tom alexander william hayes personal appointments find and update company information gov uk find and update company information service gov uk retrieved 11 september 2021 1 2 3 4 5 6 vaughn liam 13 september 2015 was tom hayes running the biggest financial conspiracy in history bloomberg com bloomberg retrieved 26 september 2015 1 2 3 enrich david 17 september 2015 the unraveling of tom hayes pt 5 the trial the wall street journal retrieved 23 october 2020 city traders have rate rigging convictions quashed bbc news 23 july 2025 kuitenbrouwer peter 27 may 2015 tom hayes libor trial financial post retrieved 27 december 2015 1 2 evans martin 3 august 2015 convicted libor trader tom hayes the self confessed scruff not motivated by money the telegraph retrieved 26 december 2015 1 2 3 4 broad mark 3 august 2015 libor trader who is tom hayes bbc retrieved 26 december 2015 1 2 enrich david 8 february 2013 rate rig spotlight falls on rain man the wall street journal retrieved 26 december 2015 1 2 enrich david 13 september 2015 the unraveling of tom hayes pt 1 rain man in trouble the wall street journal retrieved 26 december 2015 vaughan liam finch gavin 24 january 2017 the fix how bankers lied cheated and colluded to rig the world s most important number john wiley sons p 132 1 2 vaughan liam finch gavin the fix how bankers lied cheated and colluded to rig the world s most important number wiley retrieved 19 january 2016 trader in libor trial was allowed to keep 2 2m bonus after he was sacked theguardian com 2 june 2015 enrich david 14 september 2015 the unraveling of tom hayes pt 2 the gambler the wall street journal retrieved 31 january 2025 1 2 enrich david 15 september 2015 the unraveling of tom hayes pt 3 the u turn the wall street journal retrieved 26 december 2015 1 2 enrich david 16 september 2015 the unraveling of tom hayes pt 4 the waiting game the wall street journal retrieved 23 october 2020 1 2 economist the 4 august 2015 sentenced to 14 years hard libor the economist retrieved 26 december 2015 1 2 vaughan liam 21 december 2015 tom hayes libor jail sentence cut to 11 years conviction upheld bloomberg com bloomberg retrieved 26 december 2015 trader tom hayes has libor rate rigging sentence cut to 11 years bbc 21 december 2015 retrieved 26 december 2015 wallace tim 4 may 2016 tom hayes hires gary mckinnon s lawyers for new appeal telegraph retrieved 11 november 2016 exclusive libor trader tom hayes has appeal request quashed cityam 7 december 2021 retrieved 8 december 2021 us throws out charges against interest rate rigger bbc news 31 october 2022 retrieved 31 october 2022 verity andrew 6 july 2023 interest rate rigger wins right to appeal in uk bbc archived from the original on 26 july 2023 retrieved 2 august 2023 mitchell josh tom hayes trader at center of libor scandal loses appeal wsj retrieved 27 march 2024 tom hayes loses appeal against libor rigging conviction www ft com retrieved 27 march 2024 1 2 topham gwyn 3 january 2016 libor fraudster tom hayes describes prison life in series of letters the guardian retrieved 1 february 2016 newlands chris 29 april 2019 convicted libor rigger tom hayes moved to ford open prison www fnlondon com retrieved 26 february 2020 1 2 3 martin ben tom hayes interview i challenge anyone not to be scared in prison the times issn 0140 0460 retrieved 2 february 2021 city trader tom hayes s conviction for libor rigging is overturned the guardian glickman ben 27 october 2025 tom hayes face of libor scandal sues ubs for 400 million the wall street journal retrieved 28 october 2025 enrich david 3 august 2015 former trader tom hayes sentenced to 14 years for libor rigging wall street journal retrieved 26 december 2015 parker charlie i had ms diagnosed on release from jail says libor trader tom hayes the times issn 0140 0460 retrieved 3 april 2021 v t e great recession by region africa americas united states south america asia europe iceland oceania united states specific automotive industry crisis california budget crisis housing bubble housing market correction subprime mortgage crisis banking losses and fraud libor scandal tom hayes société générale trading loss icesave dispute forex scandal bernie madoff tom petters scott w rothstein allen stanford government entities consumer financial protection bureau federal deposit insurance corporation federal home loan banks federal housing administration federal housing finance agency federal housing finance board federal reserve system government national mortgage association national asset management agency office of federal housing enterprise oversight office of financial stability uk financial investments government policy and spending responses banking and finance stability and reform banking special provisions act 2008 china japan south korea trilateral summit commercial paper funding facility dodd frank wall street reform and consumer protection act emergency economic stabilization act of 2008 irish emergency budget 2009 temporary liquidity guarantee program term asset backed securities loan facility troubled asset relief program 2008 united kingdom bank rescue package bank stress tests eu u s stimulus and recovery 2008 european union stimulus plan 2008 2009 keynesian resurgence american recovery and reinvestment act of 2009 chinese economic stimulus program economic stimulus act of 2008 fraud enforcement and recovery act of 2009 green new deal housing and economic recovery act of 2008 national fiscal policy response to the great recession zero interest rate policy government interventions rescues and acquisitions list of banks acquired or bankrupted during the great recession non banking chrysler general motors securities involved and financial markets auction rate securities collateralized debt obligations collateralized mortgage obligations credit default swaps mortgage backed securities secondary mortgage market social responses tea party protests united states c 2009 2009 may day protests europe middle east and north africa asia 2009 arab spring mena 2010 2012 occupy movement worldwide 2011 2012 occupy wall street related topics 2000s energy crisis 2008 central asia energy crisis effects of the great recession on museums decline of newspapers 2007 2008 world food price crisis retail apocalypse euro area crisis 2008 financial crisis list of countries by public debt authority control databases international viaf national czech republic retrieved from https en wikipedia org w index php title tom_hayes_ trader oldid 1375541803 categories 1979 births hult international business school alumni alumni of the university of nottingham living people british people convicted of fraud people with asperger syndrome english autistic people overturned convictions in england hidden categories articles with short description short description matches wikidata use dmy dates from april 2022 pages using infobox person with multiple employers articles with hcards this page was last edited on 18 september 2026 at 12 40 utc page was rendered with parsoid text is available under the creative commons attribution sharealike 4 0 license additional terms may apply by using this site you agree to the terms of use and privacy policy wikipedia is a registered trademark of the wikimedia foundation inc a non 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