The Story of a Junior Trader in the Banking Crisis: Conviction Quashed
Tom Hayes, a junior bank trader, was convicted for manipulating Libor rates. His conviction has now been quashed by the Supreme Court. Despite being portrayed as an arch-villain, Hayes claimed he was encouraged to act dishonestly and was left convicted with no co-conspirators. The slow wheels of justice finally brought some relief after nine years.
The Supreme Court has quashed the conviction of Tom Hayes, the bank trader jailed for manipulating Libor. Carlo Palombo's unrelated conviction was also overturned. Hayes was sentenced to 14 years in 2015, later reduced to 11 years. He was seen as a symbol against banking misconduct. Six brokers acquitted of conspiring with him, leaving Hayes feeling unjustly punished. Hayes, a junior trader, claimed he was encouraged to manipulate rates and did not act dishonestly. His bank bosses were never prosecuted. The acquittal of alleged co-conspirators raised doubts about Hayes' conviction. It took nine years for his conviction to be overturned.
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