Ex-UBS trader charged with fraud offences in Libor probe

Marion Dakers
THE SERIOUS Fraud Office yesterday brought charges against former trader Tom Hayes as part of its investigation into the Libor-rigging scandal.

Hayes, aged 33 and a former employee of UBS and Citigroup, was charged with eight counts of conspiracy to defraud at Bishopsgate police station.

He will appear at Westminster Magistrates’ Court tomorrow morning.

Hayes was one of three people arrested and bailed in December as part of the SFO’s probe into the London Interbank Offered Rate, which is used to set interest rates around the world.

He joined UBS in Tokyo in 2006 and traded interest rate derivatives linked to the yen-denominated Libor. He was charged by US prosecutors last year.

The global crackdown on Libor manipulation has led to UBS paying a $1.5bn (£940m) fine to UK, US and Swiss regulations last year.

RBS was fined £390m in February for its role in Libor-rigging, while the first bank to face penalties, Barclays, was hit with a £290m bill last June and lost several board members including boss Bob Diamond in the ensuing outcry.

The SFO said yesterday its investigation into Libor manipulation is ongoing. The regulator has been given £3m a year extra funds to bankroll the probe.