Tom Hayes

The Supreme Court finds that the jury instructions wrongly treated questions of fact as rules of law and removed an essential element of Hayes's defence from the jury's consideration. The convictions are quashed.

Following the Supreme Court ruling, the SFO considers whether to seek a retrial and ultimately announces that it will not do so, notably because Hayes and Palombo have already served prison sentences.

State of the evidence

Documented

The Court of Appeal upholds the convictions in March 2024. It nevertheless certifies a point of law of general importance concerning the interpretation of the LIBOR/EURIBOR definitions, allowing an application to the Supreme Court.

Following an extensive review and the change in US case law, the CCRC concludes that there is a real possibility that the Court of Appeal will find Hayes's convictions unsafe and refers them for reconsideration.

State of the evidence

Documented

Attribution

Protagonist is the complainant

Following a US decision overturning the convictions of two traders in a similar case, the outstanding US charges against Hayes are dropped.

Attribution

Accused

Hayes is released in January 2021 after serving approximately five and a half years of his sentence, which had been reduced to eleven years.

State of the evidence

Documented

Attribution

Directly implicated

After the failure of his first appeal, Hayes applies to the Criminal Cases Review Commission for reconsideration of the safety of his convictions.

State of the evidence

Documented

Attribution

Protagonist is the complainant

A jury at Southwark Crown Court finds Hayes guilty of eight counts of conspiracy to defraud relating to LIBOR. He initially receives a fourteen-year sentence, exceptionally severe for a financial crime case.

Attribution

Accused

Course of the proceedings

1. Formally charged — Formal charge before the current outcome

The Court of Appeal refuses to overturn the convictions but reduces the sentence from fourteen to eleven years, taking account, among other matters, of his age, seniority and personal circumstances.

State of the evidence

Documented

Hayes is arrested by the SFO in late 2012 while the United States also initiates proceedings. He initially provides information to the SFO, later explaining that he feared US extradition, then withdraws from cooperation and pleads not guilty.

Attribution

Accused

At UBS and subsequently Citigroup in Tokyo, Hayes asked submitters and brokers to steer LIBOR submissions in a direction favourable to his derivatives positions.

Attribution

Directly implicated