Tom Hayes Makes Final Bid to Fight Confiscation of Village HomeBy
$2.2 million seven-bedroom home sold to pay confiscation order
Hayes is serving an 11-year jail sentence for rigging Libor
Tom Hayes, the former UBS Group AG and Citigroup Inc. trader jailed for 11 years over Libor rigging, made a final attempt to overturn a confiscation order that forced his wife to sell their 1.6 million-pound ($2.2 million) family home.
A lawyer for Hayes argued on Thursday that the ex-banker’s decision to transfer his half ownership of the seven-bedroom Old Rectory in a leafy village outside London to his wife was not a "tainted gift." The couple bought the property together and while Hayes paid for the house, his wife’s contribution as a mother and homemaker was equal, he argued.
"This was a family home," Richard Fletcher, a lawyer for Hayes, told the Court of Appeal. "This wasn’t a case where it was one in a series of investments."
Hayes was ordered to pay almost 880,000 pounds in March 2016 after he became the first person convicted for rigging the London interbank offered rate, or Libor, in 2015. He was initially sentenced to 14 years in prison, reduced to 11 years on appeal. Libor is a key interest-rate benchmark pegged to trillions of dollars of securities that became the subject of a global scandal after it emerged traders had been manipulating the rate for their own benefit.
The Old Rectory was sold in October 2016 for 1.6 million pounds to allow payment of the confiscation order, Judge Nigel Davis said. Michael Parroy, a lawyer for the Serious Fraud Office, which prosecuted Hayes, said there is no doubt that all the funds came from the Hayes.
Hayes’s case is being reviewed by the Criminal Cases Review Commission -- an organization set up to investigate suspected miscarriages of justice -- after he exhausted all appeals over his conviction. He has raised about 92,500 pounds through crowdfunding for the appeal, according to his Fundrazr webpage.