Hayes Libor Win Puts Fraud Convictions in Scandal at Risk (2)

It was an era-defining prosecution for the UK’s white collar crime agency.

When star trader Tom Hayes was found guilty of rigging a benchmark interest rate in 2015, it set off a raft of other investigations of bankers and traders across the City of London.

For the Serious Fraud Office, desperate to highlight that it could hold bankers to account, these actions marked a high-water point. On top of that, regulators made headlines by wringing global fines of almost $10 billion from a dozen banks and brokerages.

Now, Hayes’ success in quashing his conviction at the UK Supreme Court ...