London trader jailed for 14 years for rigging Libor rate

LONDON: Former UBS and Citigroup trader Tom Hayes was on Monday sentenced to 14 years in jail for rigging the benchmark Libor inter-bank lending rate, in the first conviction of its kind.
The 35-year-old had earlier been found guilty on eight counts of conspiracy to defraud between 2006 and 2010, following a two-month trial at London's Southwark Crown Court. — AFP