Former City trader Tom Hayes found guilty of rigging Libor rates

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

Southwark Crown Court found Hayes guilty on all eight charges of conspiracy to defraud by rigging Libor in a case brought by the Serious Fraud Office.

The former trader is the first individual to stand trial for such a crime and each of the eight charges he was found guilty of carries a possible 10-year sentence.