- Ex-Tullett Broker Cryan testifies at London Libor trial
- Cryan told SFO that audio tapes, e-mails would clear him
Noel Cryan, a former broker at Tullett Prebon Plc, told jurors he never helped Tom Hayes rig Libor, reiterating his plea to prosecutors a year ago to check e-mails and audio tapes that would prove his innocence.
Cryan, who was repeatedly ordered by the judge to slow down, admitted on his first day of testimony in London Wednesday that he told Hayes, a former UBS Group AG and Citigroup Inc. trader, that he would pass requests to nudge the rate to colleagues and contacts in the market. In reality, he says, he never followed through with it.
The 49-year-old is one of a half dozen brokers from ICAP Plc, Tullett Prebon and RP Martin Holdings Ltd. on trial for allegedly helping Hayes rig the yen variant of the London interbank offered rate, a benchmark used to price trillions of dollars worth of financial contracts. Hayes was convicted of conspiracy to commit fraud in August and sentenced to 14 years in prison.
"Get the CCTV, get the audio, scrutinize the calls, the chats, the e-mails, go and speak to the cash desk, speak to senior management, you won’t find anything," Cryan told investigators at the Serious Fraud Office in a 2014 interview referred to by his lawyer.
"That’s correct," Cryan replied today.
Cryan, a former derivatives broker, is accused of enlisting the cash brokers who sat a few meters away at his firm to do Hayes’s bidding by misleading their clients at 16 banks that set the Libor rates about which direction they expected Libor to move each day.
Cryan, who was raised in South London and spent time as a bookmaker and a builder, claims he only told Hayes he would make the requests to shut him up. He says his situation differs from the other five defendants, who have been asked over the past days to explain scores of chats and e-mails which prosecutors claim show them reaching out to rate-setting banks on Hayes’s behalf.
"Tom Hayes was the most unreasonable man, the most disliked man in the market," Cryan said in the 2014 interview.
If prosecutors interviewed the cash brokers at Tullett, they would quickly realize that he never actually helped Hayes out, Cryan told investigators in 2014. "Hopefully that should be the end of that," he said at the the time.
"Instead you’re sitting here," his lawyer said today.