Today Trader guilty over Libor rate rigging - Tomorrow factoring employee - it will happen!

Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.

He is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.

Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.


Hayes told a fellow trader: "Just give the cash desk a Mars bar and they'll set wherever you want."

The jury found Hayes guilty on all eight charges of conspiracy to defraud.   Each count carries a possible 10-year sentence.  The case was brought by the Serious Fraud Office.

Hayes, a star trader, rigged the Libor rates daily for nearly four years.
 
During the trial, the court heard that manipulating Libor rates was so commonplace that an offer of a Mars bar could get it changed.


ADMIN: Factoring company employees brag they are committing fraud against HMRC 

 http://www.bbc.co.uk/news/business-33763628