LONDON—Former bank trader Tom Hayes was sentenced to 14 years in prison on Monday after a London jury convicted him of trying to fraudulently rig the London interbank offered rate, or Libor.
The unanimous jury verdict, followed about an hour later by the judge’s 14-year prison sentence, delivers one of the harshest penalties meted out against a banker since the financial crisis. While several big banks have pleaded guilty to manipulating Libor, it was the first criminal conviction of an individual for rigging the widely used benchmark.
Mr. Hayes, a mildly autistic mathematician whose quirky personality earned him the nickname “Rain Man” among colleagues, was accused by British prosecutors of conspiring with other bank traders and brokers to manipulate Libor to make more money for himself and his employers. Libor is the estimated rate banks charge to borrow money from each other.
See Wall Street Journal Article linked above.