Tom Hayes found guilty of rigging Libor

Tom Hayes, a former UBS and Citi trader, has been found guilty of eight counts of conspiring to rig Libor between 2006 and 2010.

The former yen derivatives trader was sentenced to 14 years in jail on August 3 in London in the first conviction in the Libor-rigging scandal.

The verdict comes three years after Barclays was fined for attempted manipulation of the Libor and Euribor benchmarks by the Commodity Futures Trading Commission, the US Department of Justice and the Financial Services Authority for a then-record sum of $410.5 million.

Since then, six banks have admitted rigging Libor and paid out settlements of about $6.5 billion to regulators. Meanwhile, several individuals face criminal proceedings or are currently under investigation.

"Dishonest and wrong"

"The conduct involved here is to be marked out as dishonest and wrong. And a message needs to be sent to the world of banking accordingly," Judge Jeremy Cooke told Hayes in sentencing him on all of the eight charges he faced. "What this case has shown is the absence of that integrity that ought to characterise banking."

What this case has shown is the absence of that integrity that ought to characterise banking

Prosecutors said Hayes played the role of a ringleader in rigging yen Libor by asking setters and traders at UBS, as well as external brokers, to move the rate in ways that would benefit his positions.

"You were the centre, the hub of conspiracy, and you involved others," the judge told Hayes.

Hayes is the latest banker to be convicted of fraud. Magnus Peterson, founder of collapsed hedge fund Weavering Capital, was sentenced to 13 years in prison earlier this year, while former UBS trader Kweku Adoboli received a seven-year sentence in 2012.