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  • PiedPiper (1033 posts)
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    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.
    ‘The Cartel’
    “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.”

    cont’d

    http://www.bbc.com/news/business-38571119?ocid=global_bbccom_email_11012017_business

    SurrealAmerican, beemerphill, PADemD and 2 othersEnthusiast, Doremus Jessup like this
     

    "..... Two faces; one for love and another for the DMV".   --  Between The Two, by poet Kenji Liu

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  • PiedPiper (1033 posts)
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    1. I'm confused…

    the article later states:

    ‘Insufficient evidence’
    In March 2016 the UK’s Serious Fraud Office (SFO) closed its criminal investigation into allegations of price-rigging in the foreign exchange market.
    It was set up in 2014 to look into allegations of “fraudulent conduct”.
    The SFO said it had concluded “based on the information and material we have obtained, that there is insufficient evidence for a realistic prospect of conviction”.
    At the time it said it would continue to liaise with the Department of Justice over its investigation.

    From an earlier article in the Guardian about the SFO actions:

    “This means it is always easier to impose regulatory fines against the firms themselves rather than criminal prosecutions.”

    At the time it launched the forex investigation in 2014, more than 20 individuals had either been suspended or fired from financial institutions during the global investigation into currency rigging. The Bank of England also became embroiled in the scandal, and has previously released minutes of meetings held over six years until 2013 between bank officials and a group of foreign exchange traders.

    Since then, the FCA and regulators in the US have levied record fines of more than £6bn on banks for rigging foreign exchange markets and published pages of electronic messages showing that the individuals involved called themselves the “A-team”, “the players” and “the three musketeers”.

    The regulators published conversations between traders, some of whom used the name “1 team, 1 dream”, and reported that one had said: “How can I make free money with no fcking [sic] heads up.”

    https://www.theguardian.com/law/2016/mar/15/sfo-serious-fraud-office-foreign-exchange-inquiry-forex-rigging

     

    Soooooo…..the UK’s SFO dropped out but continued to back the U.S. investigation?  Hmmmmm…..

    Apparently it was all about retrieving the money and criminality charges/punishments are, ummm, not worth the resources

    to pursue.

    Is this part of the reason there was a whole slew of “suicides” and “accidental deaths” of bankers for

    a period of time (especially in the UK)?

     

    "..... Two faces; one for love and another for the DMV".   --  Between The Two, by poet Kenji Liu

    • ThinkingANew (1019 posts)
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      2. Makes you wonder does it not? Could they have not been going along with

      the actors who have been manipulating currency for state purposes? There is lots of political currency manipulation but I doubt these guys were the ones doing it.