Ex-UBS trader Hayes appears in UK court on Libor fraud charges

LONDON, June 20 Thu Jun 20, 2013 5:49am EDT

LONDON, June 20 (Reuters) - Former UBS trader Tom Hayes appeared in a London court on Thursday accused of conspiracy to defraud in connection with a global investigation into the Libor interest rate rigging scandal.

Dressed in a blue open-necked shirt and pale trousers, 33-year-old Hayes stood in the dock at London's Westminster Magistrates' Court as the magistrate read out eight offences related to his time at both UBS and Citi in Japan between August 2006 and September 2010.

He is alleged to have conspired with employees from at least 10 institutions including UBS, RBS, Deutsche Bank, Citi, JPMorgan, brokers ICAP, Tullett Prebon, RP Martin, HSBC, Rabobank and others.

Hayes spoke only to confirm his name and address and that he understood the charges against him.

Hayes was granted bail and told to appear at Southwark Crown Court on July 4.

Hayes is the first suspect to face court in an enquiry stretching from North America to Asia into how traders rigged crucial benchmark rates such as Libor (London interbank offered rate), against which trillions of dollars of loans are priced.

The scandal, which has sparked public and political outrage and laid bare the failings of authorities and bank bosses, has to date seen regulators fine three banks a total of $2.6 billion and prosecutors and police charge two men, including Hayes.

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