U.K. hedge fund founder charged in New York with market manipulation, fraud

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

A London hedge fund founder is indicted in Manhattan on four criminal charges including wire fraud, commodities fraud and two conspiracy counts

The co-founder and chief investment officer of a prominent London hedge fund was charged on Thursday with fraudulently manipulating the U.S. dollar-South African rand exchange rate in order to trigger a $20 million payment, U.S. prosecutors said.

Phillips was arrested in Spain this week at the United States’ request, and would be extradited to face the charges. Prosecutors said Glen Point had in October 2017 bought a “one touch” contract from an unnamed New York bank that provided for the $20 million payment if the dollar-rate rate fell below 12.50, and which expired on Jan. 2, 2018.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines