Tom Hayes Libor conviction being examined for miscarriage of justice
Tom Hayes’ conviction for rigging Libor interest rates is being examined by the Criminal Cases Review Commission, a body set up to review allegations of miscarriages of justice.
The former UBS trader was found guilty of manipulating Libor in 2015, making him the first trader convicted by jury of rigging Libor global interest rates.
He served half of his 11-year sentence in custody and was released three weeks ago.
Hayes said new evidence will prove his conviction was unsafe.
In a recent interview with the BBC, Hayes said he did not blame the jury for convicting him, as “they were presented with a false narrative and they reached a conclusion based on those facts.” He said if they had been given “full evidence”, however, they would have reached a different conclusion.
The former trader, a gifted mathematician with Asperger’s syndrome, was painted by prosecutors as a ringleader in a global conspiracy to manipulate Libor.
Libor is the benchmark that tracks the interest rate banks pay to borrow cash from each other and, after a global investigation into benchmark rigging that led to leading banks and brokerages paying about $9bn in regulatory settlements, is being scrapped at the end of 2021.
Hayes told the BBC he had suffered with depression and suicidal thoughts during his time in prison.
The CCRC has been contacted for comment.