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Jailed Libor trader turns to crowdfunding to pay for his appeal

Former UBS trader Tom Hayes, who is currently serving 11 years in prison for his part in rigging the key interbank rate Libor, has resorted to crowdfunding to fund his appeal .

Hayes, described on his FundRazr page as a "scapegoat" jailed after an "unfair and politically motivated LIBOR show trial" is asking for £150,000 ($217,000) to help pay for his legal fees to fund his appeal to the U.K.'s Criminal Cases Review Commission, an independent organization which investigates suspected miscarriages of justice in U.K..

Four days into the crowdfunding campaign, he has raised £2,135.


Thomas 'Tom' Hayes, 35, a former trader at banks including UBS Group AG and Citigroup Inc., left, and his wife Sarah, arrive for his trial at Southwark Crown Court in London, U.K., on Friday, July, 24, 2015.
Matthew Lloyd | Bloomberg | Getty Images
Thomas 'Tom' Hayes, 35, a former trader at banks including UBS Group AG and Citigroup Inc., left, and his wife Sarah, arrive for his trial at Southwark Crown Court in London, U.K., on Friday, July, 24, 2015.

Hayes was convicted last August of masterminding a conspiracy to distort Libor, the London interbank offered rate which underpins approximately $350 trillion in derivatives, so as to profit from trades. His original 14-year sentence was truncated to 11 years on appeal.

So far Hayes is the only person to have been convicted of manipulating the trades. Six further bankers accused over the scandal were cleared earlier this year.

In March, a court ordered the 36-year-old former trader to hand over £878,806 that was determined to be the proceeds of his crime.


On the FundRazr page, Hayes is described as having Aspergers syndrome and "hard working, a gifted mathematician, a loving husband and a devoted father to his 4-year old son."

"Tom is not the 'ring master' rogue described by the prosecution," the page adds. "His behavior was considered an acceptable business practice across the world for decades."


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