Litigation finance goes online in the UK as Tom Hayes, the former UBS Group AG trader serving 11 years in prison for rigging Libor, has turned to crowdfunding to raise 150,000 pounds ($218,000) for an appeal.
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Ex-UBS trader serving an 11-year sentence for rigging Libor turns to crowdfunding for his appeal
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On a Fundrazr webpage covered in photographs of the trader with his wife and son, Hayes’s supporters describe the 36-year-old as a “Libor scapegoat” whose conviction was the result of a “politically motivated show trial.” Tom Hayes Fundrazr webpage. Source: FundRazr.com The account has raised about 2,100 pounds over four days. Hayes’s ability to fund his defense was dealt a setback in March after he was ordered by a London court to pay back 880,000 pounds that was determined to be the proceeds of his crimes.
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