Former city trader Tom Hayes has been found guilty of conspiracy to defraud and sentenced to 14 years in jail for his role in rigging global Libor interest rates.

Hayes, 35, is the first individual to be prosecuted for manipulating the London Interbank Offered Rate (Libor), which is used by banks around the world for transactions worth trillions of pounds each year.

A number of leading financial institutions have already paid heavy fines for profiting from the manipulating global interest rates.

Hayes had plead not guilty to the charges, but the jury at Southwark Crown Court found Hayes guilty on all eight counts of conspiracy to defraud.

Sentencing the trader to 14 years in prison, Justice Cooke said that Hayes was the “centre and hub” of the rate fixing scandal and that his actions were “dishonest and wrong”.

During the trial, evidence from the investigation by the Serious Fraud Office showed that Hayes had set up a network of brokers and traders across 10 leading global banks and financial institutions, who he bribed and pushed into helping him fix the rates for profit. He maintained this scheme for eight years while working for UBS in Tokyo and then Citigroup.

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