UK:
UK Libor Fraud Supreme Court Appeal Application Blocked
11 April 2016
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On March 8, 2016, London's Court of Appeal refused leave for
Tom Hayes' application to the UK Supreme Court to appeal his
conviction. Mr. Hayes was convicted of eight charges of conspiracy
to defraud and initially sentenced to 14 years in prison, which was
subsequently downgraded to 11 years following an appeal. The
conviction relates to the investigation by the Serious Fraud Office
into the manipulation of LIBOR. Mr. Hayes' sentence is the
longest in the UK for white collar crime. The six former brokers he
was alleged to have conspired with were found not guilty in a
separate London trial. The SFO is also pursuing Mr. Hayes in
confiscation proceedings for proceeds of crime for around
£3.8 million, scheduled to commence on March 12, 2016.
The SFO press release on conviction is available at: https://www.sfo.gov.uk/2015/08/03/first-libor-defendant-on-trial-found-guilty/
.
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.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.