Tom Hayes Libor Saga's $1.2 Million Finale Leaves Nobody Happy
- Penalty is about one-third of amount prosecutors had sought
- Hayes may still need to sell family home outside London
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If the sign of a good compromise is one where none of the parties are happy, then the judge presiding over Tom Hayes’s confiscation hearing got it spot on.
Hayes, the former UBS Group AG and Citigroup Inc. trader serving 11 years in jail for rigging Libor, was ordered to pay back about 880,000 pounds ($1.2 million) determined to be the proceeds of his crimes. While the amount was less than a third of what prosecutors at the Serious Fraud Office had sought, Hayes immediately issued a statement reaffirming his innocence and stating that his actions were victimless.