Hayes’ Libor Conviction Referred for Appeal
Posted by Colin Lambert. Last updated: July 7, 2023
What seems to be a continuous rollback on the part of the authorities regarding convictions over market manipulation has hit probably its highest profile with news that the conviction of Tom Hayes – the man probably most associated with the Libor rigging allegations – has been sent to the UK Court of Appeal for review.
After what it terms a wide-ranging and complex review, the Criminal Cases Review Commission (CCRC) says it has referred the case because there is a “real possibility” that the Court will overturn the conviction based upon recent events,
Hayes was found guilty in 2015 of multiple charges of conspiracy to defraud by “rigging” Libor and served five and a half years in a UK prison. He was released in January 2021. Hayes applied to the CCRC in 2017 and provided it with extensive submissions and several thousand pages of information, which were subject to detailed examination by CCRC staff. Further submissions were provided subsequently, CCRC says.
In January 2022, a US Court judgment overturned the convictions of two other former traders convicted in similar circumstances and as a consequence, all charges against Hayes in the US were dropped.
In light of these developments, the CCRC says it invited Hayes’ legal representatives to make additional submissions with regard to his convictions in the UK. It says it has concluded that there is a real possibility that the Court of Appeal will prefer the legal approach to the definition and operation of the Libor rules taken by the US Court and overturn the conviction.
“We have concluded after a lengthy and complex investigation that the Court of Appeal should clarify whether the right legal approach was taken in Mr Hayes’ case,” says CCRC chair Helen Pitcher OBE. “We are committed to leaving no stone unturned in our comprehensive reviews of potential miscarriages of justice.”
Although it is six years since Hayes first applied to the CCRC, the commission says it aims to complete a minimum of 85% of cases within 12 months of receiving the first application, with the average case taking 34 weeks to complete.
A proportion of reviews are complex, it explains, especially those that consider expert reports, and a review is classified as a ‘long running case’ if it has been ongoing for more than two years. These cases are paid close attention by a sub-committee to ensure they are not taking longer than necessary.
