Libor latest: Tom Hayes appoints new lawyer, and he's making good progress on crowdfunding the legal fees


Hayes is raising money to take his case to the Criminal Cases Review Commission (Source: Getty)

Tom Hayes has instructed solicitor Karen Todner to lead the next stage in his appeal, it was announced today, as he turns to crowdfunding to raise his legal fees.

Hayes, a former UBS and Citigroup trader, was convicted of offences related to manipulating the Yen-linked Libor last August. He was initially sentenced to 14 years in prison, although this was reduced to 11 years by the Court of Appeal last December. 

Hayes had intended to appeal to the Supreme Court, but his application to appeal was rejected in March

Todner, who is head of crime, regulatory and extradition at Kaim Todner, said: "Because Tom has already appealed his conviction and sentence, the Criminal Cases Review Commission (CCRC) is now Tom's only hope of achieving justice.

"Tom's family are now in possession of fresh evidence, some of which Tom requested in his trial but which UBS and the prosecution did not supply, choosing instead to say that it did not exist or that Tom had got it wrong. We believe Tom has a strong case, which our submission to the CCRC will demonstrate."

To foot Todner's bill, Hayes' family and friends have turned to crowdfunding. The campaign, which was launched on Fundrazr on 30 April, has so far raised over £2,000 from 25 contributors. 

Hayes, who told a court last month that he had lost nearly everything trading in an attempt to raise money for his initial legal fees, was recently ordered to pay £878,806 under a confiscation order.

A statement issued by Hayes' family today read: "Karen has long standing expertise in the areas where Tom's case needs urgent review in order to right this wrong. Tom knew from the moment he met Karen that she understands him and the way he thinks, and that is the single most important thing to him."

Hayes has also been diagnosed as being on the autistic spectrum. Todner told City A.M.: "The jury were not allowed to take into account the effect of aspergers on his understanding of the instructions."

To date, Hayes is the only person jailed in the UK for crimes related to Libor-rigging. Six former brokers had been accused of conspiring with Hayes but they were acquitted in January