Trader jailed for Libor rate-rigging to hear verdict on assets seizure
A City trader will find out on Wednesday if he will be forced to give up his £1.7 million family home after being jailed for Libor rate-rigging.
Tom Hayes will return to court to hear a senior judge rule on a Serious Fraud Office (SFO) bid to seize more than £2 million of his assets, including his Mercedes-Benz car and wedding rings.
The 36-year-old, of Fleet, Hampshire, told the Old Bailey last week how he had a "breakdown" as he fought legal action on both sides of the Atlantic in 2013.
Last year, he was jailed for 11 years after being convicted in the UK of eight counts of conspiracy to defraud from 2006 to 2010, when he worked for UBS and Citigroup.
Michael Parroy QC, for the SFO, told how Hayes' earnings were "tainted by the manipulation of Libor" which gave him an "edge".
He made nearly £2.5 million in bonuses as well as enjoying a six-figure salary and a "golden hello" from Citigroup, the court heard.
Money from his work in Japan paid for the seven-bedroomed home in Woldingham, Surrey he bought in 2011 for his family, including wife Sarah Tighe and their young son, Mr Parroy said.
The couple carried out "various manoeuvres" to transfer it from joint ownership into her name, Mr Parroy said.
And a £350,000 loan on the property went to pay legal fees and not garden refurbishment, he said.
Giving evidence, Hayes said he was not bothered about his status as a trader, saying he used to turn up to work "looking like a tramp".
He denied his bonuses were linked to his successes as a trader as the UBS scheme was "diametrically opposed" to how much he made for the bank.
Ms Tighe, a City solicitor, told how her husband lost the best part of a million pounds as he continued to trade for himself as his mental state suffered after his arrest.
She said: "Tom had his breakdown. Tom felt he needed funds for legal fees. Tom started trading to do so. Tom, who had been an excellent trader, did not trade very well at the time.
"I trusted his judgment in these matters. Tom just continued to trade."
"He came home one day and said 'It's gone'. I said 'What's gone?'. He said 'All the money. All of it. All our money'.
"So I think it's fair to say we went from being in liquid finance to not having liquid funds."
Mr Justice Cooke will give his ruling at the Rolls Building at the High Court from 11am.