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Overview
Former UBS and Citigroup derivatives trader who became the first person convicted for manipulating the London Interbank Offered Rate (LIBOR), the benchmark interest rate underpinning $350 trillion in global financial contracts. Hayes orchestrated a network of brokers and traders across multiple banks to rig LIBOR submissions in his favor, earning millions in illicit profits. While he was ultimately made a scapegoat - convicted and sentenced to 14 years (reduced to 11) - the scandal revealed systemic manipulation involving major banks including Barclays, UBS, Deutsche Bank, and Rabobank.
Key Affiliations
Controversies & Concerns
First person convicted globally for LIBOR manipulation; sentenced to 14 years (reduced to 11 on appeal)
Orchestrated network of brokers and traders across multiple banks to manipulate LIBOR submissions
Manipulation affected $350 trillion in financial contracts globally including mortgages, student loans, and municipal bonds
Argued he was made a scapegoat for industry-wide practice that was known and tolerated by bank management
Conviction overturned in January 2024 after legal challenge arguing the conduct was not criminal under English law at the time
UBS, Barclays, Deutsche Bank, Rabobank and other institutions paid billions in fines while individual accountability was limited
Related Investigations (2)
Criminal Charges & Violations
2 documented violations
UK Fraud Act 2006 - Conspiracy to DefraudConvicted on 8 counts of conspiracy to defraud by manipulating LIBOR submissions between 2006-2010; sentence later overturned in 2024(financial)
18 U.S.C. § 1343 - Wire Fraud (U.S. charges)Charged by U.S. DOJ with wire fraud and antitrust violations for LIBOR manipulation; extradition contested(financial)
Known Associates & Connections
Terry Farr
RP Martin broker who assisted in LIBOR manipulation; acquitted at trial
Roger Darin
UBS manager who oversaw rate submissions; charged by U.S. DOJ
Sources & Documentation
3 documented sources from official records, investigations, and reports
UK Serious Fraud Office: LIBOR Investigation(2015)
The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History by David Enrich(2017)
Court of Appeal: R v Hayes [2024](2024)
Personal Information
- Born
- 1979-01-01
- Birthplace
- London, England
- Also Known As
- Tommy, Rain Man (trader nickname)
Education
- •Mathematics and Engineering, University of Nottingham (2001)
Key Timeline
2006
Begins trading yen-denominated interest rate derivatives at UBS in Tokyo
2006-2009
Systematically manipulates LIBOR submissions through network of brokers and traders at multiple banks
2009
Moves to Citigroup in Tokyo; continues LIBOR manipulation at new employer
2010-09
Fired by Citigroup amid internal investigation into rate manipulation
2012-06
LIBOR scandal breaks publicly when Barclays pays $450 million fine
2013-12
Arrested in UK; first individual charged for LIBOR manipulation
2015-08-03
Convicted on 8 counts of conspiracy to defraud; sentenced to 14 years
2015-12
Sentence reduced to 11 years on appeal
2021
Released from prison after serving approximately half his sentence
2024-01
Conviction overturned by Court of Appeal; court rules conduct was not criminal under law at the time