On August 3, 2015, Tom Hayes was convicted for conspiracy to defraud and sentenced for 14 years in prison. The conviction relates to the investigation by the Serious Fraud Office into the manipulation of LIBOR. The trial for the alleged co-conspirators of Mr. Hayes will begin on September 21, 2015. The Financial Services Act 2012 introduced the criminal offence of knowingly or deliberately making false or misleading statements in relation to benchmark-setting as well as making the administration of a benchmark a regulated activity.
The SFO press release is available at: http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2015/first-libor- defendant-on-trial-found-guilty.aspx.
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