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Former Trader Appears in London Court on Libor Fraud Charges

"Tom A.W. Hayes, a former trader at UBS and Citigroup who has been charged with fraud tied to the manipulation of global benchmark interest rates, made his first appearance in a London court on Thursday.

"Standing behind a glass wall with his hands in his pockets, Mr. Hayes, 33, listened as eight fraud charges against him were read out. The charges cover a period from August 2006 to September 2010 – half related to his time at UBS and half to his time at Citigroup in Japan.

"Mr. Hayes faces charges of conspiring with employees at financial institutions including UBS, Citigroup, JPMorgan ChaseRoyal Bank of ScotlandDeutsche Bank, Rabobank, Tullett Prebon, ICAP and RP Martin to seek to manipulate yen London interbank offered rates, or Libor.

"His lawyer, Lydia Jonson, did not enter a plea on his behalf.

"Mr. Hayes, who wore a blue shirt, beige trousers and brown shoes, spoke only to confirm his name and give his address and date of birth. Mr. Hayes is to remain on bail, which means he is not allowed to leave or attempt to leave Britain, pending his next court hearing, which is scheduled to be at Southwark Crown Court on July 4."=

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