Supporters Of Jailed Libor Trader Tom Hayes Launch Crowdfunding Campaign

Supporters of Tom Hayes, the first person to be convicted for the manipulation of the London Interbank Offered Rate (Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term), have launched a Crowdfunding Crowdfunding Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Read this Term appeal to raise £150,000 ($217,403) to fund a further appeal against his conviction. The former trader, currently serving an 11-year prison sentence, was also ordered to pay a confiscation order of £878,806 ($1,240,267) in February by a UK criminal court.

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Hayes was initially given a 14-year sentence before it was reduced to 11 years on appeal four months later. However, his concurrent appeal against the conviction failed and in March the Court of Appeal also refused leave for his case to be brought before the UK's Supreme Court.

This week, Hayes formally announced plans to bring his case to the Criminal Cases Review Commission (CCRC), which examines miscarriages of justice and can refer a case back to the appeal courts, usually on the basis of compelling new evidence.

Hayes’ family is now said to be in possession of fresh evidence, some of which he had requested in his trial but which the prosecution did not supply. His latest attempt to appeal comes three months after six former brokers he is alleged to have conspired with were acquitted in a separate London trial.

Hayes' attempt to appeal is supported by David James, a member of the House of Lords, who is reported to have said that Hayes had been victimised and called for a more precise legal clarification of Libor and how it should be supervised.

Last year, European Union lawmakers gave their backing to a draft law introducing direct supervision of important benchmarks like Libor. The UK has also introduced a law requiring Libor to be compiled by a third-party administrator which fulfills certain requirements.