As Tom Hayes’ application to appeal to the Supreme Court is rejected, his father tells City PM that fresh evidence could clear the ex-trader’s name
The father of convicted Libor trader Tom Hayes has said that fresh evidence could clear his son’s name, and claimed that a conspiracy between the political and legal establishments has made a scapegoat out of the former UBS and Citigroup trader.
In an explosive interview with City PM, Nick Hayes described his son as “the most honest criminal there is”, arguing that he has been charged with doing his job as asked.
Tom Hayes was convicted of conspiracy to defraud last year for his role in manipulating Libor, and was initially sentenced to 14 years in prison, later reduced to 11 years on appeal.
Yesterday Hayes had his application to appeal to the Supreme Court rejected. The decision came just weeks after six brokers accused of conspiring with him walked free after being found not guilty.
Read more: Hayes describes broking market as wild west
Nick Hayes said that he believed the recent acquittal of the brokers “drove a coach and horses through the whole conspiracy [to defraud] charge”, as “you cannot conspire by yourself”.
He added: “If there was a conspiracy, there was a conspiracy between the political and legal establishments to find a scapegoat.”
Nick Hayes, who founded a Facebook support group for his son, highlighted arguments that the brokers put forward during their own case, specifically that they had not rigged the rate and that “they were winding Tom up and leading him up the garden path”.
“Tom intends to make an application to the Criminal Cases Review Commission in order to get a fresh appeal,” he said. “The application to the CCRC would be on the basis of fresh evidence.”
The CCRC is an independent body responsible for examining whether failed appeals should be reconsidered by the courts.
Read more: Tom Hayes Libor trial timeline
Some legal experts are sceptical of Hayes’ chances. Christopher David, counsel in WilmerHale’s UK Investigations & Criminal Litigation practice, told City PM: “Realistically this looks like the end of the road for Tom Hayes’ appeal. While he may consider an application to the Criminal Cases Review Commission, on the face of it there appears to be little chance of success.”
Hayes’ next court appearance will take place on Monday, when he and his wife Sarah are due to give evidence in a Proceeds of Crime confiscation hearing at the Old Bailey.
A press statement issued on behalf of Tom Hayes said that he was “disappointed” by yesterday’s decision and he would “continue to maintain [his] innocence”.