Stockbrokers cleared of fixing Libor rate after saying they were ‘bull****ing’ crooked Tom Hayes
Former UBS and Citygroup trader Tom Hayes, who has become the first man to be jailed for rigging Libor rates. - Credit: PA Wire/PA Images
Five stockbrokers have been cleared of plotting to fix the Libor banking rate to help a crooked trader make millions of pounds on currency bets.
Danny Wilkinson, from Hornchurch, was one of the defendants accused of teaming up with Tom Hayes, 35, in the “dishonest scheme” to manipulate Libor – the rate used
when banks lend to each other.
But yesterday, Mr Wilkinson, 48, of Wheatley Close, was cleared of two counts of conspiracy to defraud, along with Colin Goodman, 53, of Burn Close, Leatherhead, and Terry Farr, 44, of New Road, Great Wakering
James Gilmour, 50, of Heather Drive, Benfleet, and Noel Cryan, 49, of Grove Vale, Chislehurst, were cleared of one conspiracy charge.
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Darrell Read, 50, of Wadestown, New Zealand, was also cleared of two charges of conspiracy to defraud.
During the four-month trial at Southwark Crown Court, brokers insisted trails of incriminating emails and texts were them just “bull****ing” the banker.
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They were accused of using their influence with panel banks – a group of 16 banks that together decide the rate – to swing the numbers in Hayes’ favour.
It was claimed the group received kickbacks from Hayes’ currency bets on the Japanese yen, and Hayes admitted he favoured them because he believed they were helping him cheat.
But Farr denied ever doing anything to rig the rate, saying they had just let Hayes believe they were doing so to keep the money coming in.
Read, Goodman and Wilkinson were employed by New Zealand based firm ICAP, while Gilmour and Cryan worked for
British company RP Martin.
Hayes was convicted of conspiracy to defraud last August.
Read said he was trying to make it appear his company was doing all it could to help Hayes.
Wilkinson said his messages to Hayes were just to keep him sweet, and he never tried to rig Libor in Hayes’ favour.
He missed the end of the trial after falling ill.
Mr Justice Hamblen told the jury: “You would need to be satisfied that any involvement was not minimal or merely transitory, but something which establishes significant involvement in the continuing conspiracy.”
