Trader’s Case Tests DOJ’s Policing of Global Currency Market

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London hedge-fund manager says trading was part of lawful bet on South African currency

Trader Neil Phillips’s trial begins Monday in Manhattan federal court over allegations that he illegally rigged an exchange rate.

A London hedge fund’s big bet on the outcome of a South African party’s leadership vote earned it more than $20 million. Six years later, the trader who placed the wager faces criminal charges in Manhattan, where prosecutors claim he manipulated the foreign-exchange market to achieve his payday.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.

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