Tom Hayes, better known as the mid-level mastermind of a rate-rigging scandal that has touched almost every single bank on the face of the earth, has been in jail for almost four months now. He does not like it. And he would like very much for the British Court of Appeal to let him out of prison, or at least acknowledge that 14 years in jail does seem a bit harsh for a guy who no one at Citigroup (NYSE: C) or UBS (NYSE: UBS) deemed necessary to tell that manipulating an interest rate tied to $450 trillion worth of stuff was not OK.
Much of the initial argument is expected to focus on what evidence was deemed relevant or admissible during the trial, lawyers say. The arguments about sentence length are likely to rest in part on whether Cooke was right to jail Hayes for consecutive, rather than concurrent, fraud offences.
Now let’s just say the bewigged side with poor old Tom on the latter argument, but not the former? Well, in that case prisoner Hayes won’t be getting out in time for Christmas. Or next Christmas. Or the one after that. Or the seven after that.
Hayes was sentenced consecutively for the conspiracies he was found guilty of while at UBS and those while at Citigroup between 2006 and 2010. Had the market rigging been seen as one offence, Hayes would have faced a maximum 10-year sentence.