Former financial market merchant Tom Hayes and Carlo PalboboThe benchmark who was found guilty of rigging the interest rate has rejected their culprits Supreme Court,
Mr. Hayes, a former City group And was found guilty of several cases of conspiracy to manipulate the London Inter-bank offering rate (Libor) between UBS Trader, 2006 and 2010.
Mr. Palombbo Barclays BankBetween 2005 and 2009, false or misleading euro interbank was found guilty of conspiring with others to present the offering rate (Euribor) presentation.
after Court of Appeal rejected appeal to both men in March 2024They Took their cases to Supreme Court,
On Wednesday, a panel of five Justices found that there was a “adequate evidence” for a jury, which was properly directed to convict two people – but they were not.
In the 82-Page’s decision, with which the Supreme Court President Lord Reid, Lord’s Hodge and Loyd-Jones and Lady Simleer agreed, Lord Legate said: “That misconception reduced the fairness of the test.”
Jury direction errors made both punishment unsafe, “said Lord Legate.
He said: “Mr. Hayes was entitled to his defense for the allegation that he agreed to purchase his refusal along with false submissions that he dishonestly gave up the jury.
“He was deprived of the opportunity that was deprived of the directions that were legally wrong and unfair.
“It is not possible to say, if the jury was properly directed, they would have been obliged to return the convict’s decision.
“Faith is so insecure and cannot stand.”
Mr. Hayes was imprisoned for 14 years after he was convicted in 2015, which was later reduced to 11 years after the appeal, while Mr. Palombbo was imprisoned for four years in 2019.
Lord Legat continued: “When the instructions given in the testing of Mr. Palombbo are considered in combination, it cannot be safely assumed that, without them, the jury will still be obliged to convict Shri Palboo.
“Thus, his firm belief also cannot stand.”
He said: “Accordingly, both appeals should be allowed.”
A spokesman for the Serious Fraud Office (SFO) said it would not look for a retric.
In a statement issued after the verdict, it was said: “Our investigation convicted two of these persons for nine punishment of senior bankers for cheating crimes and seven were convicted by injuries.
“The decision has determined that the legal directions given to the jury at the conclusion of the trial were wrong in HES and Palombbo tests and for this reason their guilty has been found insecure today.
“We have considered this decision and full circumstances carefully and determined that it will not be in public interest for us to seek a return.”
Test
The Libor rate was previously used as a reference point worldwide for the installation of millions of pounds of financial deals including car loans and mortgage.
This was an interest rate calculated from data presented by a panel of leading banks in London, each of which reported what it would be charged to borrow from other institutions.
Euro was made with euro currency as a benchmark rate of interest for transactions in euro in euro with euro currency.
in 2012, Serious fraud office (SFO) began a criminal investigation among traders, in which it was suspected of manipulating Libor and Euribor.
Mr. Hayes was the first person to prosecute by SFO to oppose him and Mr. Palombbo’s appeal in the Supreme Court.
The SFO prosecuted 20 persons between 2013 and 2019, seven of whom were convicted in the trial, two convicted and 11 were acquitted.
Mr. Hayes was also facing criminal allegations in the United States, but they were rejected after two other similar people were rejected after being involved in a similar case, in 2022 their convicts were reversed.
