These are the Brokers Cleared of Helping Tom Hayes Rig Libor

Colin Goodman

Former broker at ICAP Plc

Nicknames: Lord Libor, Bailiff
Age: 53

Goodman joined ICAP in the 1980s and worked as a cash broker, buying and selling short-term loans in the money markets. Quiet and unassuming, he was paid a fraction of many of the co-defendants. He only met Hayes on a handful of occasions and rarely spoke to him directly.

Goodman was responsible for putting together a daily Libor prediction e-mail, known as the “run-thru,” that was sent each morning to more than 100 individuals, including traders at 13 of the 16 yen Libor-setting banks. Prosecutors said Goodman tailored his predictions, which were billed as independent, to suit Hayes’s trading book. The e-mail was widely followed—for long periods submitters at two banks simply copied Goodman’s suggestions.

In 2007, after a dinner with Hayes in London, Goodman demanded he receive payment for the Libor ‘scoop,’ and he was paid 5,000 pounds ($7,100) a quarter by Wilkinson’s derivatives desk thereafter. On the few occasions he did accommodate Hayes’s requests it was to avoid confrontation, he said. Even then he says he only ever made small changes because he prided himself on the accuracy of his predictions.

Terry Farr

Former broker at RP Martin Holdings Ltd.

Nicknames: Tel, ASBO
Age: 44

Farr left school at 15 and helped his father sell flowers at a market stall in Essex. He got a job in broking through a friend despite failing math at school and knowing nothing about finance. Friendly and gregarious, he was popular with clients, and helped RP Martin, a relative minnow in the industry, expand into the lucrative yen derivatives market.

Hayes and Farr came together after Hayes had dismissed or refused to work with as many as half a dozen of Farr’s former colleagues. Farr said he put up with Hayes’s outbursts in exchange for more business and wash trades worth tens of thousands of pounds. In 2006, he began helping Hayes influence Libor by pulling in favors from his friends in the market, including several rate-setters who he rewarded with nights out and expensive meals. Farr doesn’t deny that he helped Hayes, but said he didn’t realize it was wrong because he had no training, didn’t understand derivatives and everyone else was doing the same thing.

Noel Cryan

Former broker at Tellett Prebon Plc

Nickname: None
Age: 50

Cryan got into the finance industry after stints as a construction worker and a bookmaker in South East London. He was one of the first brokers Hayes dealt with as a graduate trainee in 2002. He watched as Hayes morphed from a shy, awkward kid to a megalomaniacal “psycho” with a “god complex.’’ A life-long supporter of Millwall soccer club, he shared a love of English football with Hayes.

In 2009, Hayes was looking for a new recruit. He messaged Cryan and asked him to start putting pressure on Tullett Prebon’s cash brokers to influence their clients’ Libor submissions. Cryan agreed and, over the course of the next few months, he told Hayes repeatedly he was ordering the cash brokers to do his bidding. In reality, Cryan said on the stand, he was simply lying to Hayes, telling him whatever he wanted to hear. His desk was paid tens of thousands of pounds in wash trades by Hayes in exchange for help rigging Libor.