Tom Hayes Taps Crowdfunding to Raise $218,000 for Appeal

  • Ex-UBS trader is serving an 11-year sentence for rigging Libor
  • FundRazr Website says Hayes has raised about 2,100 pounds

Tom Hayes, the former UBS Group AG trader serving 11 years in prison for rigging Libor, has turned to crowdfunding to raise 150,000 pounds ($218,000) for an appeal.

On a Fundrazr webpage covered in photographs of the trader with his wife and son, Hayes’s supporters describe the 36-year-old as a “Libor scapegoat” whose conviction was the result of a “politically motivated show trial.”

Tom Hayes Fundrazr webpage.
Tom Hayes Fundrazr webpage.
Source: FundRazr.com

The account has raised about 2,100 pounds over four days. Hayes’s ability to fund his defense was dealt a setback in March after he was ordered by a London court to pay back 880,000 pounds that was determined to be the proceeds of his crimes.

Hayes, who was diagnosed with Asperger’s syndrome last year, was the first individual convicted at trial in the London interbank offered rate scandal that saw authorities levy about $9 billion in fines and charge more than 20 individuals. He was sentenced to 14 years in prison in August -- one of the longest sentences ever for financial crime in the U.K. -- before it was reduced on appeal.

QuickTake Crowdfunding

Hayes plans to refer his case in June to the Criminal Cases Review Commission, an independent organization set up to investigate suspected miscarriages of justice in U.K. courts, his lawyer, Karen Todner, said in an e-mailed statement Wednesday. He lost an appeal to have his conviction overturned in December.

"Tom’s family are now in possession of fresh evidence, some of which Tom requested in his trial but which UBS and the prosecution did not supply," Todner said. "We believe Tom has a strong case, which our submission to the CCRC will demonstrate."

The initial target for the fundraising is 60,000 pounds which would then be increased to 150,000 pounds, Todner said.

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