Michael Parroy QC represents SFO in Tom Hayes confiscation hearing
15th April 2016
Michael Parroy QC, led James Byrne of 9 Gough Square and Sheena Cassidy of 3PB in the confiscation proceedings against Tom Hayes, the first individual to be convicted after trial for the manipulation of LIBOR. Hayes was ordered to pay £878,806, relating to bonuses, pay increases and other incentives he received in part due to his manipulation of LIBOR.
Michael Parroy QC successfully argued that Hayes' illegal actions had led to his having enhanced status and reputation, which had been reflected in remuneration he received. He also successfully persuaded the Court that Hayes' attempt to divest himself of his share in the family home had amounted to a "tainted gift" under the Proceeds of Crime Act 2002.
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