Former UBS AG and Citigroup Inc. trader Tom Hayes was charged into manipulation of London interbank offered rate after a part of the UK's investigation.
At the central London police today, Hayes was charged with eight counts of conspiracy. This was according to the UK Serious Fraud Office. Tom Hayes will appear at a London court on Thursday according to SFO spokesman, David Jones.
Tom Hayes is a British national who worked in Tokyo. He was arrested during the UK probe last December 11. The US Justice Department charged him the following day together with his former co-workers from UBS. On December 19, the charge filed was made public and on the same day, UBS was fined US$1.5 billion by Swiss, British and US regulators. This was for trying to rig Libor and similar benchmarks.
Hayes was charged in the US with wire fraud and antitrust violations. He joined UBS in 2006 until 2009. He later joined Citigroup but was dismissed less than a year later for involvement in suspected rate rigging. This was according to a person with knowledge of the matter said in October.
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