The UK Monetary Conduct Authority dropped an try to ban former Libor dealer Tom Hayes from the banking business days after the nation’s high court docket overturned his legal conviction.
In an announcement Friday, the FCA mentioned that the conviction had fashioned the idea of its civil case towards Hayes. The regulator additionally mentioned it was dropping an identical swimsuit towards Carlo Palombo, one other dealer whose conviction was overturned together with Hayes’.
The UK Supreme Court docket on Wednesday mentioned the convictions of Hayes and Palombo had been tarnished by defective jury directions. Each males had been convicted amid a worldwide scandal over allegations that merchants had mounted benchmark charges that underpinned greater than $350 trillion of loans and securities.
“The FCA have now discontinued proceedings that ought to by no means have been introduced within the first occasion,” mentioned Hayes, who was launched from jail in 2021 after serving almost six years behind bars. “Their try to ban me for all times while resident of a excessive safety jail on the idea that I used to be a danger to monetary markets and the investing public was laughable.”
A consultant for Palombo didn’t instantly reply to a request for remark.
The FCA determination implies that the pair are free from authorized entanglements for the primary time in a decade. The Critical Fraud Workplace, which introduced the legal circumstances, mentioned it wouldn’t search a brand new trial towards the boys.
Hayes, a former Tokyo-based dealer at banks together with Citigroup Inc. and UBS Group AG, was discovered responsible of rate-rigging by a London jury in 2015, kicking off a string of trials towards Libor merchants that finally led to 9 convictions.
Palombo, a former worker at Barclays Plc was discovered responsible in 2019.
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