Libor rigging trader Tom Hayes wins battle to delay FCA ban

Libor rigging trader Tom Hayes wins battle to delay FCA ban”

A decision by Britain's financial watchdog to ban corrupt City trader Tom Hayes from working in the United Kingdom finance industry has been delayed.

In a notice from the City regulator, the FCA said it has chose to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry.

Tom Hayes was told yesterday that the Financial Conduct Authority's ban had been postponed pending the outcome of a review of his case, over concerns that it may present a potential miscarriage of justice. The FCA said on Wednesday the Tribunal would delay a decision until after a CCRC ruling.

The Upper Tribunal ruled the FCA's decision notice must be delayed while the Criminal Cases Review Commission (CCRC) assesses his case.

If the conviction is not upheld, the FCA will need to begin fresh proceedings on different facts if it maintains Hayes is not fit and proper, the Tribunal said.

A scandal emerged following the 2008 financial crisis, when it was revealed employees at a number of banks had been manipulating their rates to boost their institutions' profits or creditworthiness.

"This is the first time that an application for a stay in FCA prohibition proceedings, where an individual has been sentenced for a criminal offence, has been successful", said Hayes' lawyer Sara George, of Stephenson Harwood.

Hayes was convicted in 2015 of eight counts of conspiracy to defraud while working for UBS and Citigroup.

The sentence - one of the longest for white-collar crime in Britain - was reduced to 11 years on appeal.

Like this


09 November 2017
Two-vehicle collision north of Edmonton leaves one dead
Morinville RCMP and emergency services responded to a crash on Highway 37 on the overpass of Highway 2 at approximately 12:08 p.m. The driver of the truck wasn't injured but the driver of the vehicle and the passenger of the truck were taken to hospital.

09 November 2017
Man finds kidney for wife, sets his sights higher
Taking it one step at a time. "Think about it we could start a kidney revolution, and that' would be so great", Wayne said. Winter's mission is far from over. "I will spend more of my days walking with my sign to see how many I can get", he said.

09 November 2017
Honeywell International Inc. (HON) And Insider Trading Activity
The Firm also delivers digital content and applications through the iTunes Store, App StoreSM, iBookstoreSM, and Mac App Store. The existing P/E value will allow investors to easily determine whether the company's stock price is cheap or expensive.

09 November 2017
Enviornment Canada issues winter travel advisory for Ottawa
Blowing snow and flurries are in the forecast on Thursday, prompting Environment Canada to warn drivers of slippery conditions. Thursday's temperature is expected to hit a high of 8 C but will dip to a low of -8 C, feeling closer to -15 C with the wind.

09 November 2017
Demonetisation is a big scam: Mamata Banerjee
Baanerjee further wrote that, demonetisation was not implemented to "combat black money" but to "convert black money into white". Due to demonetisation, she said, the country has already lost its GDP worth almost Rs 3-lakh crore.

09 November 2017
Texas church shooting: Mental health and gun violence
According to investigators, Kelley sent "threatening texts" to his mother-in-law in the time leading up to the shooting at First Baptist Church, which killed 26 and wounded 20 more.

09 November 2017
Analyst Stock Ratings: Gartner, Inc. (IT), Thermo Fisher Scientific Inc. (TMO)
Analyst Thoughts About Barracuda Networks, Inc. (NYSEAMERICAN:BRN) has risen 19.25% since November 8, 2016 and is uptrending. Following the transaction, the director now owns 38,757 shares of the company's stock, valued at $6,790,226.40. (NYSE:TMO).

09 November 2017
General strike brings Catalonia to a standstill
The move didn't go down well with the Madrid and thge regional government was deposed followed by arrests of Catalan leaders. Spain's Constitutional Court has called Catalonia's unilateral independence declaration an "attack on the rule of law" .

09 November 2017
Cursive writing will be required in IL elementary schools after veto override
Unpaid bills are a key factor in the state's credit profile as they provides a picture of its cash and liquidity status. In October, Illinois sold $6 billion of general obligation bonds to help pay off the backlog.

09 November 2017
Two-judge Bombay High Court panel to oversee pothole fix
She also referred to the death of Dr Deepak Amarapurkar in August after he fell into an open manhole while wading through waterlogged roads.