Tuesday 22 May 2018

Jailed trader fights to keep €2.5m mansion

Sarah Tighe, the wife of former trader Tom Hayes
Sarah Tighe, the wife of former trader Tom Hayes
Former trader Tom Hayes

Liam Vaughan in London

A former trader found guilty of a massive fraud to rig the Libor bank interest rate is now battling to hold onto the €2.5m house he bought with his wife before his arrest.

Britain's Serious Fraud Office (SFO) is looking to confiscate the seven-bedroom property in Surrey, known as the Old Rectory, along with assets including cash and jewellery, on the grounds it was acquired with the proceeds of crime.

Tom Hayes (36) claims the house should remain with his wife, Sarah, an independently wealthy corporate lawyer.

Hayes was the first person to face trial for rigging Libor since investigators started a probe eight years ago. While his conviction last year was a triumph for the SFO, the prosecutor suffered a setback in January when six brokers accused of conspiring with Hayes were found not guilty of all charges.

After buying the Surrey property, outside London, together in 2011 and embarking on a major refurbishment, the couple took out a mortgage and transferred the deed solely to his wife in the summer of 2013 as legal bills mounted. Hayes was sentenced to 14 years in jail seven months ago. The sentence was later reduced to 11 years on appeal. The case, which is expected to last five days, continues today.

Irish Independent

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