City trader jailed for Libor rigging says he was convicted in a ‘morality trial'
The City trader jailed for Libor rigging in 2015 has said he believes he was convicted during a 'morality trial' of bankers' conduct, as he concluded his fight to clear his name at the UK's highest court.
Speaking after a three-day hearing at the supreme court in London on Thursday, Tom Hayes said his original conviction a decade ago was a reaction to the 2008 financial crisis and a jury guided by a 'judge who had made his mind up about me'.
'Finally we had a fair tribunal that listened to the arguments. I hope they come up with a just decision,' the former UBS and Citigroup trader said.
Hayes, 45, served five-and-a-half years in prison for rigging Libor, a benchmark interest rate once used in the financial markets to underpin more than $350tn of loans and securities. The scandal led to fines of almost $10bn for a dozen banks and brokerages.
The court of appeal last year upheld the guilty verdict, saying there was 'indisputable documentary evidence' that he had sought to move Libor and that he had made 'frank admissions of dishonesty' – arguments repeated by the Serious Fraud Office during the latest hearing.
However, Hayes's counsel, Adrian Darbishire KC, argued that there had been a 'core error' underpinning the case that marked a 'failure to respect the limits of the role of the judge in a jury trial'.
The judge's original directions had 'entered territory that has to be left to the jury,' Darbishire told a panel of five senior judges in London. 'What happened in the Hayes case was not consistent with well established principles of English law.'
The jury was wrongly instructed by the trial judge that the rules for the rates setting process prohibited considering the bank's commercial interest before making their submissions, Hayes's lawyers argued.
The trader has also said he was prevented from submitting evidence of his daily profit and loss accounts in his original trial, which he says would have undermined the prosecution's case that he profited personally.
Sign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotion
A ruling overturning his conviction could lead to several others being quashed in the UK.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion United
an hour ago
- Fashion United
Cisalfa group expects revenue of one billion euros
Cisalfa Sport S.p.A. announced its provisional financial results for 2024/2025, confirming stable growth. The Italian sporting goods retailer, which also owns German retailers Sport Voswinkel and SportScheck, expects to achieve consolidated revenue of one billion euros in the financial year, Cisalfa announced on Thursday, February 16, 2024. Cisalfa had already set this target in October 2024 for the current financial year. The group anticipates earnings before interest, taxes, depreciation, and amortisation (EBITDA), adjusted for special effects, to be 105 million euros. cisalfa continues to invest in SportScheck The positive performance reflected the company's targeted investment strategy, "which is aimed at strengthening its market position in Italy and Germany, as well as expanding into other European markets," according to a statement from Curno. This includes the acquisition of Sport Voswinkel and SportScheck in the past two years, which account for around 30 percent of total revenue. "Reaching the one-billion-euro revenue mark is not just a symbolic milestone, but the concrete result of a consistent and future-oriented corporate strategy," said Cisalfa Group chief executive officer, Boris Zanoletti. "The integration of Sport Voswinkel and SportScheck, as well as the continuous adaptation of our business model to market developments, form the basis for the group's further expansion." In the current year, Cisalfa's focus is on increasing the operating margin and strengthening the group's key companies. This includes consolidating SportScheck in the German market and Intersport Superstore in the Italian market. In addition, investments of over 30 million euros are already planned for 2025, which will be used to expand the distribution network, digitalisation, and the omnichannel approach, Zanoletti said. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Scottish Sun
3 hours ago
- Scottish Sun
English seaside holiday park reveals plans to open new Wetherspoons pub
Plus, one mum also visits Haven holiday parks every year with her family and here are some secret areas guests don't know about HAVEN ON EARTH English seaside holiday park reveals plans to open new Wetherspoons pub AN English seaside holiday park has revealed plans to open a new JD Wetherspoon pub. The Haven holiday park near Prestatyn will be getting a new Wetherspoon pub called The Boathouse pub. Advertisement 3 The Wetherspoons pub will be called The Boathouse Credit: Not known, clear with picture desk 3 The pub will have floods of natural light Credit: Not known, clear with picture desk The design, according to the architects planning the site, will prioritise "natural light" and an "eco-conscious design". It hasn't been confirmed when it will open. Last January, Haven signed an exclusive agreement with JD Wetherspoon to operate at its parks. New Wetherspoons pubs will open at sites in Devon, Lincolnshire, Kent and Northumberland by the end of 2025, costing a total investment of £6.7million. Advertisement The first JD Wetherspoon pub at a Haven park opened at Haven Primrose Valley Holiday Park in North Yorkshire last spring. The planning statement said: "This development not only supports the resort's growth but also reinforces our commitment to sustainability and accessibility, ensuring that Presthaven Beach Resort remains a premier destination for leisure and relaxation. "We believe this extension will contribute significantly to the local economy and community, fostering an inviting atmosphere that attracts both new and returning guests." The Haven holiday park is home to a heated indoor pool, outdoor lazy river, bungee trampolines, a climbing wall, crazy golf course and a 'jump tower'. Advertisement There are also miles of sandy beaches and protected dunes full of rare wildlife. There are range of other places to eat at too, including Chopstix, Burger King, Cook's Fish and Chips and Papa Johns. The Sun visits Wetherspoons largest pubin Ramsgate Away from the holiday park itself, the seaside town of Llandudno is nearby and features an array of shops and arcades - especially on the town's 19th century pier. Rhyl is also nearby - another seaside town, in Denbighshire, Wales. Advertisement The town has long beaches, with a lively promenade and family-friendly attractions. Rhyl also has the oldest miniature railway in Britain, offering a scenic ride around the Marine Lake. Haven Holidays' boss also has his eyes more on-site Wetherspoons pubs and rival takeovers. Plus, one mum also visits Haven holiday parks every year with her family… here are some secret areas guests don't know about. Advertisement
Scottish Sun
4 hours ago
- Scottish Sun
My mum abandoned me and gave me to a cult – we were fed LSD, beaten, bleached & waterboarded to keep us under control
Ben's mum was lured into the cult and gave her son up to be part of a 'master race' CULT OF BLONDE My mum abandoned me and gave me to a cult – we were fed LSD, beaten, bleached & waterboarded to keep us under control BEN Shenton was just 18 months old when his mother gave him up to a well-spoken blonde woman who swore she'd give him the best life possible. Little did she know her decision would put Ben through years of abuse at the hands of a woman who believed she was Jesus Christ reborn. 9 Ben Shenton was handed over to a cult leader Credit: BBC 9 Anne Hamilton-Bryne's 'children' were forced to bleach their hair and wear matching clothes Credit: BBC Handout 9 Anne believed she was Jesus Christ reborn and became the leader of the notorious Australian cult Images of Ben show a happy young boy, but the reality was entirely different - as the youngster was forced to become part of a notorious cult known as 'The Family'. Anne Hamilton-Byrne, who Ben would grow up to know as his mother, became the leader of the cult based in Australia, which drugged and beat him. He had no idea of his life before Anne, as she went to great lengths to keep his adoption a secret, even bleaching his hair platinum blond like hers and his new 'siblings'. Despite abusing more than 20 children, including Ben, Anne and her husband and cult co-leader, Bill Hamilton-Byrne, never faced justice. Now, over four decades on from the abuse, Ben shares his story of growing up in the "Kai Lama" compound, where children were locked in with barbed wire and tortured. FIRST IMPRESSIONS Anne first started out as a yoga teacher before turning to a more 'spiritual life' and eventually believing she was Jesus Christ reincarnated. She was born with the name Evelyn and had three marriages in total - the first coming to an end when her husband died in a car crash, which led to her 'spiritual awakening.' She met English physicist Dr Raynor Johnson in 1963 and the following year, they set up a group dedicated to spreading a surreal combination of Christianity and Hinduism, with Hamilton-Byrne at its centre. Her final husband, Bill, became the person who led the doomsday cult with her in the 1960s, when the world faced existential threats like nuclear warfare, the Vietnam War and the spread of communism. Anne was able to rope people into the cult through yoga lessons, meetings at her house once a week, and then three times a week, until she built the compound on land near her house for them to move into. Inside a 'mind-controlling' CULT which 'forced mum and daughter to hit each other' and chose Fiji as the 'promised land' Anne came across as beautiful, well-spoken and nurturing, so it's no surprise Ben's mum was easily convinced he'd have a better life with her. Ben said Anne manipulated his mother into giving him up in 1970, convincing her that 'only she could give me the best life possible'. The pair consistently preyed on vulnerable people like Ben's mum, Joy, who had suffered a back injury and felt she could not look after him anymore. They also started recruiting people into their cult by approaching patients from Newhaven Hospital in Kew, a private psychiatric facility run and operated by various members of The Family, who targeted vulnerable patients, subjecting them to heavy doses of LSD and electroshock therapy. She and husband Hamilton-Byrne took children through illegal adoptions, allowing the cult to grow in numbers before imprisoning them in a strict home-schooling environment at a rural property near Eildon in Victoria. 9 At one point, Anne had 28 children in her care Credit: Label Distribution 9 She convinced parents to give her their children Using lawyers, social workers, and doctors to forgo official channels, they were able to forge birth documents and raise over a dozen children to believe they were the birth children of the Hamilton-Byrnes. When children were born inside the compound to cult members, they were raised to believe their birth mothers were instead among a handful of 'aunts', who gave out brutal punishments for whatever they saw fit. PICTURE PERFECT FAMILY From the outside, the family looked picture-perfect as they lived on their compound in Victoria, Australia. Life at Kai Lama seemed healthy and even advanced for its years; it featured yoga, exercise, vegetarian meals, meditation and education. Ben lived on the remote property and was raised alongside dozens of other children for 13 years and recalls living with 28 other kids at one point. "Growing up, it was Anne and Bill, they were mum and dad; and then there were foster kids, and they were kids of other sect members, who would either come up on weekends or stay there for stints of a couple of years," Ben, told the BBC. "The greatest amount of kids at any given stage was 28," he added. Anne and Bill brought up the children as their own, even dressing them in matching outfits and dying their hair bleach blond to appear like a real family. I loved them in their little smocks and jeans and the long hair and ribbons. Anne Hamilton-Byrne "We were her children. We were different ages. We'd line up von Trapp style (like) The Sound of Music, which we'd watch, dressed in outfits that matched and that was just what we were asked to do," he told the True Crimes Conversation podcast. "You look back on that and you see it's choreographed. "It crafted a belief that she had these children, which she didn't. We were all either adopted or handed over." In an interview years after the children were finally taken from her, Anne said: 'I wanted them to look like brothers and sisters - I must admit this. 'I loved them in their little smocks and jeans and the long hair and ribbons. It was beautiful - it was lovely to see.' Asked why she imprisoned 28 children over two decades, she responded: 'I love children.' 9 Ben Shenton pictured after being removed from the cult Credit: Ben Shenton 9 Ben (pictured front right) and his 'silbings' were the targets of abuse for years Credit: BBC UNDER WRAPS But in reality, the children were subjected to years of beatings, mind games, isolation, and forced to take drugs by the cult leader, who had convinced more than 500 people she was Jesus Christ. The couple had convinced their followers they were making a 'master race' while teaching a mixture of Christianity and Hinduism. Ben recalls one form of torture Anne liked to perform on the children was waterboarding. It's a method of torture that creates such horrific psychological pain that its use has even been banned in the US military. "We were all lined up. We were belted. Our head held under the bucket of water, interrogated," he said. "Held there until you thought you were suffocating, brought back out again. "Horrendous experience. It caused nightmares. "These things shape your personality." Ben recalls seeing his siblings being beaten with a belt, and says they were given LSD 'as part of an initiation ritual.' 'I was watching her being belted with a buckle and she's being beaten to the point where she's wriggling out of her clothes,' he said of his sister, Sarah. 'Hearing her body smash across the balustrades - it was horrendous to know they had the power to do that and would do it,' he told the MailOnline. She had this ability to be able to be so warm, so loving, so caring, and yet at the same time so manipulative. Ben Shenton Ben says Anne's most effective tactic was to keep the children from forming bonds with each other to keep them all in line. To weed out misdeeds in the children, Anne would perform group interrogations by beating them until someone came clean. Ben said he stayed compliant to avoid punishment. "This was the evil genius of her. She understood that if she could separate us, isolate us, make it so that we couldn't build relationships with one another and punish us, then she could control us," he said. "Anyone who's lived under domestic violence will know the living with fear, the walking on eggshells, the currying favour of those in authority, or the absolute rejection of them, the hatred of them, the love-hate relationship. "It's domestic abuse on steroids," he said. Now, Ben believes Anne was a sociopath or psychopath. "She had this ability to be able to be so warm, so loving, so caring, and yet at the same time so manipulative," he said. 'The Family' Cult Timeline 1968 The Family begins to 'adopt' and acquire children to create a 'master race'. The Family begins to 'adopt' and acquire children to create a 'master race'. 1974 An official school is set up for the 'master race' children at the Lake Eildon property. An official school is set up for the 'master race' children at the Lake Eildon property. 1978 Anne Hamilton marries William (Bill) Byrne and they take the surname Hamilton-Byrne. Anne Hamilton marries William (Bill) Byrne and they take the surname Hamilton-Byrne. 1983 Police visit the Lake Eildon property to search for a missing girl. She is not found on the property. Police visit the Lake Eildon property to search for a missing girl. She is not found on the property. 1987 (14 August) Combined police raid on sect property at Lake Eildon. Anne is overseas. Bill is present at the raid but is not charged. Combined police raid on sect property at Lake Eildon. Anne is overseas. Bill is present at the raid but is not charged. The children are removed from the sect and placed into care. 1987 (Oct/Nov) Bill flees to Hawaii to meet Anne. Bill flees to Hawaii to meet Anne. 1987 (12 December) Detective Lex de Man is called to investigate. He learns about The Family. Detective Lex de Man is called to investigate. He learns about The Family. 1989 (about June) Lex de Man writes a report recommending Victoria Police commence a criminal investigation into The Family. Lex de Man writes a report recommending Victoria Police commence a criminal investigation into The Family. 1989 (11 December) Operation Forest Task Force commences. Operation Forest Task Force commences. 1993 (4 June) Anne and Bill are arrested in the Catskill Mountains, Upstate New York. Anne and Bill are arrested in the Catskill Mountains, Upstate New York. 1993 (17 August) Anne and Bill are extradited to Australia. Anne and Bill are extradited to Australia. 1993 (31 August) Anne and Bill appear in the Victorian Magistrates' Court, charged with conspiracy to defraud and commit perjury by falsely registering the births of triplets. Anne and Bill appear in the Victorian Magistrates' Court, charged with conspiracy to defraud and commit perjury by falsely registering the births of triplets. 1994 In the County Court, Anne and Bill avoid prison and are fined $5000 each. In the County Court, Anne and Bill avoid prison and are fined $5000 each. 2001 Bill dies, leaving Anne to lead a diminishing group of followers. Bill dies, leaving Anne to lead a diminishing group of followers. 2019 At 97, Anne lives in the dementia wing of a suburban Melbourne nursing home. CAUGHT IN THE ACT It wasn't until 1987 that the cult was finally searched by 100 police officers and the children were rescued. At the time, a 15-year-old Ben was doing his scheduled yoga class when police stormed in. His sister, Sarah Moore, had managed to escape the cult at 17 and headed straight to the police to tell them what was going on. Not taking any chances, police stormed the property and rescued six children, including Ben. While he was reluctant to go with them at first, he soon realised this was his path to freedom. He recalls: 'I think I got this epiphanal moment, realising this is the ticket out of here. So I just I let go, and I went with them." It was only then that Ben found out he was not their biological son and was handed over by his mother Joy, who stayed in the cult as an 'aunt'. At the time, Anne was in Hawaii while Bill stayed on the compound, but he wasn't arrested. Later, he went to New York to meet Anne before the pair were arrested and extradited back to Australia. While many of the children came forward with claims of abuse, both Anne and Bill were only charged with conspiracy to defraud and perjury by falsely registering the birth of triplets. The pair were spared jail and fined just £2,300 each for the crime. Detective Lex de Man, who investigated the case, says evidence of abuse was unable to be taken to court despite multiple victims coming forward. Justice was not done. Ben Shenton Detective de Man recently told The Age: 'My only regret is she was never held totally to account for the misery she caused to the former cult children. 'I have no sympathy for the woman I consider the most evil person I ever met in my police career.' LIFE NOW Ben moved into foster care when he left the cult, and while lying on his bunk bed with fresh pyjamas and a meal in his tummy, he realised he'd never go back to The Family again "I realised then I (didn't) have to do this anymore, I'm free. I don't need to go back," he said. "That, to me, was when I shut the door." Four decades on, Ben is a proud husband to Rajes and a dad to Ellie and Callum, who live in Perth, Australia. He has written a book on his time in the cult, Life Behind the Wire, and runs the organisation, Rescue The Family, to raise awareness on cult manipulation. In 2019, Anne passed away while in a Melbourne care home at the age of 98 and Ben has reconnected with his biological mother. "What Anne did was evil. She used the name of Christ to give herself validity. She used a belief system," Ben said. "Justice was not done." 9 Now Ben educates others on manipulation after his own experience Credit: SBS Productions
