A UK financial trader dubbed the ringleader of an interest rate manipulation scandal loses an appeal

By PAN PYLAS
Associated Press

LONDON (AP) — A British financial trader described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis has lost his appeal to have his conviction quashed. Tom Hayes was a former trader at U.S. bank Citigroup and Switzerland’s UBS. He was found guilty in London in 2015 of manipulating the so-called London Inter-Bank Offered Rate or LIBOR between 2006 and 2010. Hayes spent half of his 11-year sentence in prison before his release in 2021. He was also convicted in a U.S. court in 2016. Former Barclays trader Carlo Palombo also lost his appeal on Wednesday.