Three traders originally from the United Kingdom have been held responsible by American prosecutors for rigging the foreign exchange market. This Tuesday, the three of them at Citigroup Inc., JPMorgan Chase & Co, and Barclays Plc have been found manipulating some of the world’s major banks.
Rohan Ramchandani, Richard Usher, and Chris Ashton are the main characters of a daily trillion trade rigging. They will have to answer for conspiracy charges in New York. Giving the fact that the group is currently living in the United Kingdom, the authorities will have to extradite them. They also have the option to answer for the charges voluntarily.
The three U.K. citizens are main suspects in a serious foreign exchange rates manipulation at some of the world’s major banks. The piece of technology that made this illegal operation possible was an online chat box called “The Cartel.” Thanks to this, the traders were able to minutely manage every aspect of important U.S. dollars and euros tradings. This is how they succeeded to manipulate the currency prices. The indictment charges them for this operation that supposedly had been taken place for six years, starting with 2007.
According to the indictment, the U.K. traders pursued through their actions to eliminate competition in the currency spot market from the U.S., U.K., and Switzerland. The U.S. Office of the Comptroller of the Currency served the three of them the criminal case plus a $5 million in fines for Usher and Ramchandani. Moreover, they are no longer allowed to work in the U.S. banking industry ever again.
The new criminal case was opened after a group of major banks plead guilty in a currency rate manipulation case. The guilty parties were JPMorgan, a Citigroup unit, and the Royal Bank of Scotland which had to pay more than $2.5 billion.
Moreover, the new case was opened in contradiction with a recent U.K. Serious Fraud Office verdict. The court tackled the same charges but didn’t find enough evidence to solve the case. In response to the recent U.S. charges, Usher’s lawyer, Jonathan Pickworth, mentioned the U.K. court decision and stated his client is guilty of no criminal offense. While Ashton’s layer refused to make a statement, Stephen Pollard who represents Ramchandani declared that the authorities didn’t find anything against his client after an 18-month investigation.
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