James Byrne wins landmark Court of Appeal decision for SFO against Tom Hayes in LIBOR Prosecutions

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.