Tom Hayes, the former City trader convicted of
manipulating Libor, has had his conviction upheld but his jail sentence reduced
to 11 years from an original 14 year term.
The Court of Appeal in London said they considered mitigating
factors including Hayes’ diagnosis for Asperger’s Syndrome in reducing his jail
“However, this court must
make clear to all in the financial and other markets in the City of London that
conduct of this type, involving fraudulent manipulation of the markets, will
result in severe sentences of considerable length which, depending on the
circumstances, may be significantly greater than the present total sentence,”
the Appeal concluded.
Hayes, a former trader at UBS and Citigroup, was found guilty
by a jury at the Southwark Crown Court in August of eight counts of conspiracy
Whilst working at UBS and Citigroup, Hayes is said to have conspired with other
individuals to rig the Yen Libor setting process.