Prosecutors in UK Libor fixing case promise hefty evidence

Former UBS and Citigroup Tom Hayes (33) charged with manipulating yen rates

Former UBS and Citygroup trader Tom Hayes arrives at Westminster Magistrates Court where he will face trial on eight charges of conspiracy to defraud, in connection with the investigation by the Serious Fraud Office, into the manipulation of the Libor interbank lending rate. Photograph: Lewis Whyld/PA Wire.

Former UBS and Citygroup trader Tom Hayes arrives at Westminster Magistrates Court where he will face trial on eight charges of conspiracy to defraud, in connection with the investigation by the Serious Fraud Office, into the manipulation of the Libor interbank lending rate. Photograph: Lewis Whyld/PA Wire.

 

Tom Hayes, the former UBS and Citigroup trader, is scheduled to enter a plea on charges related to manipulation of the London interbank offered rate later this year.

Mr Hayes, 33, was told by a judge in London today to enter a plea at a hearing in late October. Wearing a black suit and white button-down shirt without a tie, he spoke only to confirm his name.

Prosecutors at the Serious Fraud Office agreed to give him more information on their case by September 30th.

“The documentation in this case, to describe it as voluminous would be a large understatement,” said Mukul Chawla, a lawyer for the SFO.

Mr Hayes, who remains on bail, is charged with working with employees at JPMorgan Chase, Royal Bank of Scotland, HSBC Holdings, Rabobank and Deutsche Bank AG, as well as Tullett Prebon, ICAP and RP Martin Holdings , over a four-year period to manipulate yen Libor rates.

At his first court appearance last month, Mr Hayes’s lawyer, Lydia Jonson, declined to indicate how he would plead when asked by a judge.

Four of the charges cover the period from August 8th, 2006, until December 3rd, 2009, while he worked at UBS, and the other four from December 1st, 2009 until September 7th, 2010, when he was at Citigroup.

Mr Hayes tried to manipulate rates “with the intention that the economic interests of others would be prejudiced and/or to make personal gain for themselves or another,” the SFO said in the indictment.

Mr Hayes has also been charged by the US Justice Department, which is running a parallel criminal investigation.

Bloomberg