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Former trader is jailed in the UK
04 Aug 2015 07:07
A British trader has become the first man to be jailed for rigging Libor rates in a scandal that shook financial markets.
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Tom Hayes, 35, was today handed a 14-year prison term for his role as the "ringmaster" in an enormous fraud to manipulate the benchmark interest rates.
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Sentencing him at London's Southwark Crown Court, Mr Justice Cooke said: "What this case has shown is the absence of that integrity which ought to characterise banking.
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"You, as a regulated banker, succumbed to temptation in an unregulated activity because you could."
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