US charges three foreign exchange traders
Prosecutors in the US have accused three former currency traders at major banks of trying to rig foreign exchange (forex) rates in the banking industry.
The three are Richard Usher, Rohan Ramchandani and Chris Ashton,
They worked at, respectively, the banks JP Morgan, Citigroup and Barclays.
The charges are a follow-up after those banks, along with RBS, paid $2.5bn in fines in May 2015, after pleading guilty to conspiring to rig foreign exchange rates.
In a statement the US Department of Justice said the three men were charged over their “alleged roles in a conspiracy to manipulate” the price of US dollars and euros in the foreign currency exchange spot market.
“We previously secured criminal convictions of the financial institutions involved in the misconduct,” said Principal Deputy Associate Attorney General Bill Baer.
“Today we seek to hold accountable the individuals who conspired on their behalf.”
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