Ex-UBS Trader Hayes Said to Seek Advice From One of NatWest Three

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Tom Hayes, the former UBS derivatives trader charged with trying to manipulate interest rates, sought advice from one of the so-called NatWest Three bankers extradited to the U.S. in 2006 on Enron Corp.-related fraud charges, according to two people familiar with the matter.

Bloomberg reports that the U.K. national, who is a suspect in both U.S. and British criminal investigations into Libor-rigging, has reached out to David Bermingham, said the people, who declined to be identified because the case is still under investigation. Bermingham was extradited to the U.S. from Britain after a three-year court battle and spent nearly two years in prison.

Bermingham runs a consulting firm advising on extradition, negotiating plea deals with U.S. authorities, and how to survive in prison. He said he hadn’t been hired by Hayes and declined to comment on his interactions with the former trader.

'If I were a trader or someone caught in the investigation and was faced with the choice of making a deal with the U.S. government or the U.K. authorities, I would not do any deal that did not meet with the overt approval of the U.S.', Bermingham said. 'The threat of extradition to the U.S. is real, and once there, it’s game over for any defendant'.

Hayes was arrested in a U.K. criminal investigation on December 11th and charged by the U.S. Department of Justice the following day. The charge was made public on Dec. 19, the same day UBS was fined a record $1.5bn by U.S., British and Swiss regulators for trying to rig the London-interbank offered rate and similar benchmarks.

Hit the link below to access the complete Bloomberg article:

Ex-UBS Trader Hayes Said to Seek NatWest 3 Man’s Advice

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