Trader Gets 14 Years for $450T Rigging

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Former UBS trader Tom HayesFormer UBS trader Tom Hayes was convicted by a London court on Monday for rigging a global interest rate known as Libor that regulates more than $450 trillion in assets.

Hayes has been sentenced to 14 years for conspiracy to defraud.

Hayes was found guilty on all eight charges and he is the first to face a trial for manipulating the rate. Read more at BBC News.

{Andy Heller-Matzav.com}

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