On March 8, 2016, London’s Court of Appeal refused leave for Tom Hayes’ application to the UK Supreme Court to appeal his conviction. Mr. Hayes was convicted of eight charges of conspiracy to defraud and initially sentenced to 14 years in prison, which was subsequently downgraded to 11 years following an appeal. The conviction relates to the investigation by the Serious Fraud Office into the manipulation of LIBOR. Mr. Hayes’ sentence is the longest in the UK for white collar crime. The six former brokers he was alleged to have conspired with were found not guilty in a separate London trial. The SFO is also pursuing Mr. Hayes in confiscation proceedings for proceeds of crime for around £3.8 million, scheduled to commence on March 12, 2016.
The SFO press release on conviction is available at: https://www.sfo.gov.uk/2015/08/03/first-libor-defendant-on-trial-foundguilty/.