Yesterday, James Byrne representing the Serious Fraud Office, won a landmark decision in the Court of Appeal establishing new guidance on how courts should approach tainted gifts during confiscation proceedings in the LIBOR prosecution of Tom Hayes.
Tom Hayes was found guilty of manipulating LIBOR and sentenced to 11 years in prison. At first instance he was subject to a confiscation order in the sum of c.£800,000. He sought to appeal half the order on the basis that it was not a tainted gift to his wife because she had provided sufficient value as a home maker. The Court of Appeal found against Hayes in respect of all his arguments and went further by adopting the SFO’s submissions on how the court should approach such an argument, and the valuation of tainted gifts in the future. The judgment provides much needed clarity and will be the precedent judgment relied when arguing about the value of tainted gifts.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.