“A message needs to be sent to the world of banking,” said UK Judge Jeremy Cooke on Monday as he handed down a 14-year sentence to former Citibank and UBS trader Tom Hayes, convicted in a London court on eight counts of conspiring to manipulate a global benchmark interest rate known as LIBOR.

While many of the world’s leading banks have paid heavy financial penalties for tampering with the key benchmark, 35-year-old Hayes is the first individual to face a jury trial for manipulating the London Interbank Offered Rate, which is used by the world’s biggest banks for trillions of dollars of global borrowing and lending.

The Guardian reports:

Justice Cooke said Hayes was the “center and hub” of the manipulation, according to the BBC‘s Mark Broad, reporting from the Southwark Crown Court.

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