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Banker jailed for manipulating interest rates to have criminal case reviewed

Banker jailed for manipulating interest rates to have criminal case reviewed

Tom Hayes, the first banker to be jailed for rigging interest rates, is due to have his conviction reviewed by the Criminal Cases Review Commission (CCRC), a body set up to review allegations of miscarriages of justice.

In the 2015, the Serious Fraud Office (SFO) named Mr Hayes as the 'ringmaster' of an international conspiracy to rig interest rates. The former UBS trader was found guilty of manipulating Libor, the benchmark that tracks the interest rates that banks pay to borrow cash from one another. He subsequently became the first UK banker to be jailed since the financial crash, receiving an 11-year jail sentence.

Mr Hayes served the first half of his sentence, before being released in February 2021. Speaking in an interview with the BBC, Hayes claimed that fresh evidence would demonstrate that his original conviction was unsafe.

"I don't blame the jury for it but they were presented with a false narrative and they reached a conclusion based on those facts. I believe had they been presented with full evidence they would have reached a very different conclusion".

The new evidence being presented is part of eight grounds of appeal now being examined by the CCRC.

Mr Hayes' case raises further questions about more than 20 other cases and some of the only bankers to have been prosecuted in the UK since the financial crash.

What should you do if you are being investigated for white collar crime?

If you find yourself accused of white collar crime, or are concerned about a potential investigation, contact our specialist white collar and regulatory crime solicitors today for expert advice.

We have a team of specialist white collar defence solicitors who have a wealth of combined experienced in handling a wide range of complex and high-value regulatory matters. We are able to advise individuals and companies at every stage of the criminal justice process, from initial investigations, to potential court proceedings.

If you or someone you know requires post-prosecution advice, we also have a team of highly skilled criminal appeal lawyers who can lend their expertise, among them Partner David Wells who has dealt with many complex and very high profile appeal cases.

Amongst our talented team, we have Partner Alan Burcombe, who has handled many high-profile and multi-million pound criminal cases, including those related to fraudulent trading and insider trading. Partner Ravinder Khumra also specialises in all types of complex business and white-collar crime, advising on a wide range of criminal and regulatory issues.

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Contact our white collar and regulatory crime solicitors for advice about interest fraud

If you are being investigated for interest fraud, please get in touch with our expert white collar crime lawyers for advice and legal representation.

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