Tom Hayes, the UBS trader who spent 5 years in prison unjustly convicted of rigging interest rates, describes what it’s like to be vindicated

Hayes mentioned luck The information took days to drown – though he was notified of the choice upfront.

“It was like 24 hours of tension, similar to humorous anxiousness, like” will they alter their opinion? Will they alter the ruling? Will one thing change?

Within the Hayes case, a UK courtroom has discovered {that a} main rate of interest utilized by banks as a criterion determines the prices of tons of of tens of millions of loans and mortgages everywhere in the world. The “manipulation” was that Hayes and his colleagues in different banks would talk about the vary of rates of interest that their banks have been able to lend cash to one another (“the typical exhibition between their daughters in London” of curiosity, or Libor), then selected Hayes common inside this vary that was extra helpful for its financial institution.

Throughout the trial, the overall prosecutors argued that Hayes was the mastermind of a world operation to reform LIBor, which has now ended, and who supported the whole lot from scholar loans to derivatives. The prosecutors argued that Hayes led a community of retailers and brokers to supply info that benefited from his buying and selling and obtained unlawful earnings for himself and his proprietor.

In his protection, Hayes argued that the way in which wherein their costs have been positioned is a routine a part of the enterprise, and that nobody in banks – particularly his superiors – was considering that he was unlawful.

The jury discovered that selecting a helpful Libor fee was serving himself with corruption, and 45 -year -old Hayes was despatched to jail.

Nonetheless, after a decade of time insisted on his innocence, Hayes was justified final week when his condemnation was reversed. The courtroom mentioned that the decide, within the trial of Hayes, made a mistake in directing the jury in a manner that “undermined the trial justice.” Nonetheless, he didn’t fully exempt him, because the judges allowed “plentiful proof” throughout the Heiz trial that would result in condemnation. The Supreme Courtroom didn’t touch upon the actions of the UK’s harmful fraud workplace (SFO), which dominated Hayes.

With the permission of Sian Harrison

Hayez doesn’t agree with the Supreme Courtroom’s demand “in depth proof”. He argues that if SFO, who’s investigating monetary crimes, has chosen his case, if that is true. SFO mentioned that he had not moved to re -surround Hayes as a result of he determined to hunt to re -trial “is not going to be within the public curiosity.”

And he instructed luck.

SFO refused to touch upon luck Past what he mentioned in a normal assertion.

Regardless of the condemnation of 19 different bankers in the UK and america for the LIBor scandal, 14 -year jail sentence from Hayes was among the many harshest. Little greater than 5 years served in jail (his sentence was diminished to 11 years at attraction) and one other 4 years below remark.

He mentioned that the condemnation of Hayes was reversed on July 23, but it surely was not till July 26 who hit the home.

This was the day when he opened a message from his sister. Hayes mentioned she wrote to him nearly each week, if no more, whereas he was in jail. After the choice to convict him, I despatched one other one.

He mentioned: “The final message, I known as it. She simply mentioned, as you already know,” I believed I needed to write to you this final time utilizing the pen and paper. “The final paragraph of that was,” I’m very pleased with you, Tom. Right here you by no means write a message for you once more. The tip of the period. And what’s the finish. “

Even as we speak, it has considerably struck and collapsed in crying. My little sister wrote to me each week in jail. Every letter was saved. This morning I opened one other message from it. A closing message, ending beneath. These messages have been essential for me and a good way to shut a chapter. pic.twitter.com/ejgyxiquk6– Tom Hayes (@robilypj) July 26, 2025

Tom Hayes: a scapegoat

Hayes is often preferable to keep away from consideration. He mentioned that in London underground, he likes to be blended in a nook and appears at his cellphone to keep away from attending to know him. Strolling everywhere in the metropolis, his eyes are at all times put in on his ft.

Regardless of his inconvenience, the previous shops of UBS and Citigroup have change into acknowledged worldwide, some might say, as a person within the Libor scandal, which included numerous actors, together with bankers, banks and even World governments.

Within the wake of the 2008 monetary disaster, Hayes mentioned that the eager for a scapegoat performed in its condemnation as effectively. He mentioned that getting a good tremor was unimaginable, at a time when governments and the media have been seeking to maintain the bankers into consideration after the most important monetary disaster.

From Hayes’s viewpoint, he and his fellow bankers have been unfairly focused to take part in routine business practices. At the moment, everybody thought it was authorized. Amongst these tried to Carlo Balumbo, former Barclays The UK Supreme Courtroom additionally canceled final week, his conviction was canceled by forging one other fee of one other measurement, Euribor, final week.

He mentioned: “Eric Holder gave a direct press convention to ship me when I didn’t speak to him by the Ministry of Justice. I had nothing to do with America, and I used to be charged with the identical crime on the similar time in the UK in order that the terrorists didn’t get it.”

HEEES mentioned that SFO, which, together with Hayes, additionally succeeded in attempting 9 different folks because of forgery charges, contradicts itself due to its mandate for investigation and trial. In his case, SFO’s dependence on the investigation performed by the exterior advisor of the previous employer, UBS, was additionally an issue.

“There’s a very darkish facet of the connection between legislation corporations from the third social gathering that function for suspected banks and pay tons of of tens of millions by these banks or suspected firms and acted of their pursuits, their relationship with public prosecutors and organizers and a guide method the place you already know, all of them have an analogous objective.”

In jail, Hayes confronted prisoners who couldn’t consider that he had a protracted penalty for fraud and assumed that he was both the youngsters of the youngsters or a secret police officer. In jail, he moved away from the battle, and it was solely “deceived” as quickly as he mentioned, though the quarrel ended rapidly. Opposite to the frequent perception, Hayes felt safely within the extreme safety jail, which was much less unbridled as a result of “actual males didn’t get something to show it.”

Wanting on the future

Hayes confirmed that he was now not continuously offended on the time he spent in jail or within the decide who supervised his trial. Throughout his time in jail, he grew to become Christian, and discovered to forgive. He mentioned that his conviction, which was canceled final week, additionally helped to keep up “herbs” from his pent -up anger at spreading once more.

“Curiously, I felt that these herbs didn’t seem a lot since Wednesday. Definitely, I believe what occurred on Wednesday helps me to take action.”

Wanting on the future is tough. Though – or maybe due to – due to the take a look at, he didn’t be happy for years. He didn’t resolve whether or not he would return to funding, even when the UK’s Monetary Conduct Authority dropped his life on Friday, Bloomberg I mentioned.

One of many issues he is aware of is that he feels liable for speaking about different convicted bankers who’ve been sentenced to an analogous cost, though he needs to stay nameless. At the least 4 bankers are convicted that they’d be convicted after the Supreme Courtroom’s resolution on the Hayes case this week. Monetary occasions I mentioned.

Presently, although, Hayes is prepared for a trip. After per week of interviews, he loved a weekend along with his 13 -year -old father and son in Saint -Evz, a small coastal city in Cornwal, in southwestern England. He mentioned sooner or later, he needs to stay subsequent to the ocean and purchase a canine.

Hayes, who was on the top of his profession, focuses on a wage of tens of millions of {dollars} with incentives, now on the issues he used to profit from, and mentioned that the remainder of the world also needs to be.

He mentioned, “Don’t take your freedom to be rejected by it. Don’t take all of the superb issues in your life.” “You do not care about attempting to get extra issues and considering that it is a good method to measure the standard of your life, as a result of it’s not.”