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Ex-UBS, Citigroup Trader Hayes to Enter Plea at Next Hearing

July 4 (Bloomberg) -- Tom Hayes, the former UBS AG and Citigroup Inc. trader, is scheduled to enter a plea on charges related to manipulation of the London interbank offered rate later this year.

Hayes, 33, was told by a judge in London today to enter a plea at a hearing in late October. Wearing a black suit and white button-down shirt without a tie, he spoke only to confirm his name. Prosecutors at the Serious Fraud Office agreed to give him more information on their case by Sept. 30.

“The documentation in this case, to describe it as voluminous would be a large understatement,” said Mukul Chawla, a lawyer for the SFO.

Hayes, who remains on bail, is charged with working with employees at JPMorgan Chase & Co., Royal Bank of Scotland Group Plc, HSBC Holdings Plc, Rabobank Groep and Deutsche Bank AG, as well as Tullett Prebon Plc, ICAP Plc and RP Martin Holdings Ltd., over a four-year period to manipulate yen Libor rates.

At his first court appearance last month, Hayes’s lawyer, Lydia Jonson, declined to indicate how he would plead when asked by a judge.

Four of the charges cover the period from Aug. 8, 2006, until Dec. 3, 2009, while he worked at UBS, and the other four from Dec. 1, 2009 until Sept. 7, 2010, when he was at Citigroup.

Hayes tried to manipulate rates “with the intention that the economic interests of others would be prejudiced and/or to make personal gain for themselves or another,” the SFO said in the indictment.

Hayes has also been charged by the U.S. Justice Department, which is running a parallel criminal investigation.

To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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