The Wall Street Journal reported, citing people familiar with the plans that British prosecutors plan to file criminal fraud charges against former UBS and Citigroup trader Tom Hayes for allegedly trying to manipulate benchmark interest rates.

The Journal said the charges represent the first effort by British authorities to seek criminal penalties against someone they allege was involved in the manipulation of LIBOR.

To read the entire WSJ story, click here.

Previously on

UBS Trader Portrayed as Kingpin in LIBOR Scandal, Thursday, December 20, 2012