London: A former broker sentenced to 14 years in prison for having manipulated the Libor
A former broker UBS and Citigroup was sentenced Monday 14 years in prison for having manipulated the interbank reference rate Libor. A first in this sensational scandal that cost billions to the banking sector and damaged his reputation. According to the British Office for the fight against financial crime (SFO), Tom Hayes orchestrated from September 2006 to September 2010 a system of collusion with traders of Swiss banks UBS and Citigroup US but also with other institutions , to influence to their advantage on the level of Libor.
This Columbia 35 years was convicted Monday by the jury of Southwark court on the south bank of the Thames in London, After a trial of two months and a week of deliberations. “This trial has highlighted the lack of integrity that should characterize the bank’s universe,” ruled Judge Jeremy Cooke, who criticized Tom Hayes of having “played a leading role in the Libor manipulation”. The determination of this rate is normally a technical process intended to reflect the reality of the conditions of loans between banks, but the prosecution highlighted the fact that the manipulation to which it was delivered allowed to raise profits his employers to obtain better remuneration for its own account.
Tom Hayes pleaded not guilty
The former broker had initially agreed to testify detail with the SFO in 2013 and acknowledged his involvement, describing himself as a “serial offender”. But Tom Hayes had then changed his mind and pleaded not guilty before his trial, stressing that these practices were common in the banking industry. In presenting his defense in recent days, he collapsed in tears in court, reported the news agency Bloomberg News. “I had to say I was wrong. We had …
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