Tom Hayes, Libor trader convicted of joining private company – fr

Tom Hayes, Libor trader convicted of joining private company – fr

Tom Hayes, the former UBS and Citigroup trader convicted of a conspiracy to rig the benchmark Libor, has joined a business intelligence agency run by former Black Cube agent Seth Freedman.

Hayes was released from prison in January and is fighting to overturn his conviction. He will join Freedman’s new agency, Red Mist, as a consultant in June, providing intelligence services focused on white-collar workers and financial mischief.

The trader said he learned new skills in prison while working on his appeal, which is being reviewed by the Criminal Cases Review Commission, a body that investigates potential miscarriages of justice. CPAB is to determine whether Hayes’ case will be referred to the Court of Appeal in June.

Hayes said he needed a job that would allow him to continue working on his case, and that corporate espionage matched his skills.

” I spent a lot of time [in prison] through the [court documents] writing in the smallest font and reading hundreds of thousands of files, ”the 41-year-old told the Financial Times. “It’s something from Sarah [his ex-wife, a lawyer] said I’m good.

“No one fights harder than someone who fights for their own freedom,” he added. “This is where you learn new skills.”

He noted that prison officials noticed his cell posed a “fire risk” due to the volume of papers inside.

Freedman worked undercover for disgraced filmmaker Harvey Weinstein and has been a private spy since leaving Black Cube in 2018.

The company will respond to a growing demand for private espionage work which intelligence officials said flourished as enforcement agencies curtailed investigations into insolvencies and white-collar crime during a time of austerity. Black Cube, founded by veterans of the Israeli intelligence agency Mossad, has been among the best known in part because of his work for Weinstein.

Hayes became the first banker to be convicted of a global conspiracy to rig the benchmark Libor interest rate in 2015. During his two-month trial, the UK Serious Fraud Office portrayed the former trader as the “ringleader” of an international plot to rig Libor.

He was released in January after five and a half years and says new evidence will show he was wrongly convicted. CPAB examines up to nine grounds of appeal.

Hayes’ lawyers have argued that the former trader has become a scapegoat for his executives – who Hayes said knew and supported his actions – and the banks themselves.

Hayes has a mild form of Asperger’s syndrome, which he cited as one of the elements of his legal challenge against the conviction. While at UBS in Tokyo between 2006 and 2009, he was a star derivatives trader, bringing the bank more than $ 280 million in profits.

Hayes and Freedman met through broadcast, better Simon Cawkwell. They will work together on a case against Baron Alli of Norbury, who ran online fashion company Koovs, once known as ‘Asos of India’. The company collapsed in December 2019 and Freedman is acting for shareholders devastated by the collapse.

Freedman said Hayes had diligent research skills that would come in handy when working as a ghost. He has spent time advising civil litigants in their own cases against the British Banking Association and various banks. Many of these applicants visited him in prison.


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