Libor Rate

Former Trader Charged in Libor Scandal

Eight counts of conspiracy in rate-rigging

|

UK authorities have charged Tom Hayes, the former UBS and Citigroup trader, with eight counts of conspiracy to defraud in connection with the global London interbank offered rate-rigging scandal.

Mr Hayes, 33, of Surrey, was charged by City of London police at Bishopsgate police station, the Serious Fraud Office announced. He will appear before the Westminster magistrate on Thursday. His UK lawyers declined to comment.

A highly touted yen-Libor trader, Mr Hayes is the first person to face UK criminal charges in a scandal that has seen three banks pay more than $2.6bn in fines for attempting to manipulate interbanking lending rates.