Convicted Libor trader Tom Hayes’ Supreme Court appeal rejected

A former UBS and Citigroup trader, Tom Hayes, has tried to appeal his conviction to the U.K. Supreme Court, but eventually ended up being blocked. The former broker is serving a 11-year jail sentence for the crime during his stay in Libor.

On Tuesday, Tom Hayes had his motion to take his case in Supreme Court rejected by the London's Court of Appeals, as reported by Reuters. According to a Serious Fraud Office spokesman, the Court of Appeals didn't take his motion this time following the earlier appeal to cut his initial 14-year jail sentence to 3 years. Hayes was convicted for conspiring to rig Libor global interest rates with six former brokers he ratted out but were found not guilty.

Hayes commented on this conviction from Lowdham Grange prison summing it up with disappointment. According to The Guardian, Hayes is on a mission to make every available methods possible to clear his name. He added that "my application is clearly in relation to a point of law and is of public importance because it concerns the test of dishonesty that applies to all criminal cases in this country." Now, he is expected to take the case before Criminal Cases Review Commission that presides over the miscarriages of justice.

Get Hampshire detailed Hayes' background noting that he's from Nottingham University and was the first person to be jailed over the Libor-rigging case. He was convicted after the 47-day trial of eight accounts of conspiracy to defraud. He reportedly scammed clients from 2006 to 2010 and was described as the "ringmaster" of the dishonest act.

Head of Judiciary Lord Thomas rejected his appeal saying no point of general importance was involved in the decision. Hayes will continue serving his 11-year sentence for committing injustice as a trader. Hayes was said to be pressuring and offering rewards to those who could influence rates during his time as a trader. 

Tags

Tom Hayes, Fraud, London, Court of Appeals, Supreme Court, Lord Thomas, UBS, Citigroup, Libor Trader, UK

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