London hedge fund founder arrested in Spain and charged with market manipulation

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The arrest of GlenPointCapital co-founder Neil Phillips for alleged foreign-exchange market manipulation threatened to ripple across the hedge fund industry as another firm suspended staffers who previously worked with him Monewyeb FinanceNews Markets

The arrest of Glen Point Capital co-founder Neil Phillips for alleged foreign-exchange market manipulation threatened to ripple across the hedge fund industry as another firm suspended staffers who previously worked with him. Phillips, 52, was arrested in Spain on a request from the US earlier this week, federal prosecutors in New York said Thursday in a statement.

Dozens of banks and traders have been accused of rigging markets including interest rates and precious metals, and even lying to customers about the prices of asset-backed securities. Option trigger According to prosecutors, Phillips’s hedge fund bought a digital option for the dollar-rand currency pair in late October 2017 that was set to expire on January 2, 2018. The option had a notional value of $20 million and a barrier rate of R12.

 

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