Libor-rigging trader has prison sentence reduced

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Former City trader Tom Hayes, who was convicted of Libor rigging in August, has had his sentence reduced to 11 years, the BBC reports.

The Court of Appeal considered mitigating factors including his diagnosis for Asperger’s Syndrome, according to the report.

He was sentenced to 14 years in prison for conspiracy to defraud while at UBS and Citigroup. Hayes was the first person to go on trial for manipulating the benchmark interest rate.