Former trader Tom Hayes arrives at Southwark Crown Court in London, Britain August 3, 2015. REUTERS/Peter Nicholls
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A trader who worked for UBS and Citigroup was jailed Monday for 14 years by a London court after becoming the first person to be found guilty by a jury of rigging the benchmark Libor inter-bank lending rate.The verdict on Tom Hayes, 35, came after a two-month trial at a London court.Hayes had denied eight counts of conspiracy to defraud between 2006 and 2010, when he worked for Swiss bank UBS and its U.S. rival Citigroup.Prosecutors said Hayes was the "ringmaster" of more than a dozen traders who worked to rig the London Interbank Offered Rate (Libor).Libor is calculated daily, using estimates from banks of their own interbank rates.
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