Tom Hayes, a disgraced ex-trader, is unable to appeal against his conviction

After a court watchdog rejected the case, Tom Hayes was unable to appeal his conviction.

Hayes, 42, said he was ‘disappointed and surprised’ by the decision of the Criminal Cases Review Commission (CCRC), which investigates miscarriages of justice.

In 2015, the former Citigroup and UBS trader was found guilty of manipulating the Libor rate. This benchmark interest rate is at which banks lend each other.

Former UBS and Citigroup trader Tom Hayes (pictured) was convicted in 2015 for rigging the now-discredited Libor rate, a benchmark interest rate at which banks lend to each other

Tom Hayes was an ex-trader with UBS or Citigroup. He was convicted for manipulating the Libor Rate, which is a benchmark interest rate banks lend to one another.

Before his trial, Hayes was diagnosed as having mild Asperger’s syndrome. Hayes claims he was made a scapegoat for his employer and that his bosses allowed him to rig Libor.

Hayes, who spent half of his 11-year sentence behind bars before being released in January, will continue to make submissions to the CCRC until February 4, to overturn its ‘provisional’ decision. 

He claimed that the judge was based upon false admissions to the Serious Fraud Office, in an effort to avoid extradition.

He said: ‘Had I not made such false admissions, I would not be in this invidious position. I will continue to fight to clear my name.’