From the WSJ: Tom Hayes, a former UBS and Citigroup trader, has been charged with eight counts of fraud as part of the
U.K. investigation into the alleged manipulation
of the London
interbank offered rate. WSJ’s David Enrich looks at the charges as the whole
probe into the rate scandal spreads globally.
The U.K.'s Serious Fraud Office this week charged former UBS AG and Citigroup Inc. trader Tom Hayes with eight counts of "conspiring to defraud" in an alleged attempt to manipulate the London interbank offered rate, or Libor. Mr. Hayes appeared in a
court Thursday, where prosecutors for the first time detailed their allegations
against him, including a list of institutions whose employees Mr. Hayes
allegedly conspired with.