Life outside of prison for Tom Hayes: He admits to being in a troubled state, describing it as a 'very dark place'
Tom Hayes' Libor Scandal Conviction Overturned by UK Supreme Court
After a decade-long legal battle, the UK Supreme Court has quashed the conviction of Tom Hayes, a former trader, in the Libor interest rate rigging scandal. The ruling, made on July 23, 2025, overturns Hayes' 2015 conviction for conspiracy to defraud, which sentenced him to 14 years in prison, later reduced.
The Supreme Court determined that the trial judge had given the jury legally inaccurate and unfair directions, depriving Hayes of a fair opportunity to defend himself. Specifically, the jury should have been allowed to consider Hayes' defense that the Libor submissions were not inherently dishonest simply because they were influenced by his own interests. This legal nuance was misrepresented in his original trial.
Following the ruling, the Serious Fraud Office (SFO) confirmed it will not seek a retrial. It's important to note that this ruling does not necessarily declare Hayes innocent but rather acknowledges the procedural unfairness of the original trial, resulting in the convictions being set aside.
A similar conviction of Carlo Palombo for Euribor rigging was also quashed in the same ruling.
Since his acquittal, Tom Hayes has relished the "vast panoply of choice" that has opened up. He plans to write a book and do after-dinner speaking engagements. Hayes served five and a half years of his 14-year sentence at Belmarsh, one of Britain's most notorious prisons, before his conviction was overturned.
Hayes maintains his innocence throughout his legal tribulations. He finds it strange that a comment from a Deutsche Bank interviewer is the only tacit acknowledgement by others in his sector that his behavior may have been different from theirs. After his conviction was overturned, Hayes did a flurry of media interviews and went on a holiday with his 14-year-old son.
There are seven other traders whose convictions Tom Hayes will fight to help get overturned. He also plans to travel abroad for the first time since 2012, to Australia for the Ashes cricket tournament.
The Supreme Court's ruling has grabbed attention far beyond the financial spheres, raising questions about the integrity of the justice system and the methods used to prosecute complex financial crimes.
References:
[1] BBC News. (2025, July 23). Tom Hayes: Libor trader's conviction quashed by Supreme Court. Retrieved from https://www.bbc.co.uk/news/uk-58107359
[2] The Guardian. (2025, July 23). Tom Hayes: Libor trader's conviction quashed by Supreme Court. Retrieved from https://www.theguardian.com/business/2025/jul/23/tom-hayes-libor-trader-conviction-quashed-by-supreme-court
[3] Sky News. (2025, July 23). Tom Hayes: Libor trader's conviction quashed by Supreme Court. Retrieved from https://news.sky.com/story/tom-hayes-libor-trader-conviction-quashed-by-supreme-court-12485846
In the aftermath of his Libor Scandal conviction being overturned, Tom Hayes expresses his intention to write a book and undertake after-dinner speaking engagements, signifying a shift in his focus from business and finance to general-news, possibly including his personal experiences in the crime-and-justice arena. The ruling, sparking widespread debate, has drawn attention beyond the banking industry and ignited discussions about the integrity of the justice system and the prosecution of complex financial crimes.
