ARTICLE
12 August 2015

UK Conviction For Manipulation Of LIBOR

SS
Shearman & Sterling LLP

Contributor

Our success is built on our clients’ success. We have a long and distinguished history of supporting our clients wherever they do business, from major financial centers to emerging and growth markets. We represent many of the world’s leading corporations and major financial institutions, as well as emerging growth companies, governments and state-owned enterprises, often working on ground-breaking, precedent-setting matters. With a deep understanding of our clients' businesses and the industries they operate in, our work is driven by their need for outstanding legal and commercial advice.
On August 3, 2015, Tom Hayes was convicted for conspiracy to defraud and sentenced for 14 years in prison.
United Kingdom Corporate/Commercial Law

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More