He was sentenced to 14 years in prison for conspiracy to defraud.

The 35-year old is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.

Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.

The jury found Hayes guilty on all eight charges of conspiracy to defraud.

Hayes stood impassively as the foreman on the jury read out all eight guilty verdicts. 

His wife noted down the verdicts as they were read out. 

At one point, he shook his head and looked across at his wife, mother and stepfather in the public gallery.

Hayes held his head in his hands while his lawyer read out a list of mitigating factors.