SFO reported that Tom Hayes has been ordered to pay a confiscation order of £878,806. The court considered three questions:

  • had the defendant benefited from relevant criminal conduct?
  • if so, what was the value of the benefit he obtained? and
  • what sum was recoverable from him?

The court found that Mr Hayes would not have been rated so highly by his employers if he had not successfully manipulated LIBOR and so would not have been rewarded as highly but for that activity. The judge further agreed with the SFO’s argument that it cannot be known what LIBOR would have been but for Hayes’ attempts to manipulate it. The extent of the criminal benefit related to the extent to which the manipulations had on his overall trading activities, the impact this would have had on the profit/loss position of his employers and, in turn, the effect that this had on his remuneration. Mr Justice Cooke concluded that the amount to be confiscated was £878,806 of the total available assets of over £1.7 million. Hayes was also ordered to satisfy the order within a specified period or incur a default prison sentence of three years. (Source: SFO details Hayes’ confiscation order)