Tom Hayes was the former UBS trader convicted in 2015 for manipulating LIBOR.
Hayes worked as a derivatives trader at UBS and later Citigroup. Prosecutors said he coordinated with other traders and rate submitters to influence submissions used to calculate the London Interbank Offered Rate, a benchmark that affected loans, derivatives, and other financial contracts worldwide.
A British jury convicted Hayes in August 2015 on eight counts of conspiracy to defraud. He received an 11-year prison sentence, later reduced on appeal to 11 years with a shorter minimum term. Hayes was the first person convicted in the United Kingdom over LIBOR manipulation.
LIBOR was not a single market price. It was calculated from submissions by a panel of banks about their estimated borrowing costs. Regulators later replaced it with alternative benchmarks, although the transition occurred gradually and differed by currency and market.