ZroHedge
By Tyler Durden – September 1, 2022
30 years ago, George Soros made $1 billion on a FX trade that many said then smacked of manipulation and the Hungarian was lucky to avoid arrest. Today, his protege was not so lucky.
Neil Phillips, the co-founder and CIO of UK-based hedge fund Glen Point Capital was charged with scheming to manipulate the FX market, the DOJ revealed in an unsealed indictment this morning. The 52-year-old was arrested in Spain on a request from the US earlier this week; he was charged with conspiring to manipulate the US dollar-South African rand (USD/ZAR) exchange rate during thin volume trading on Christmas Day 2017 to trigger a $20 million payment under a barrier options contract.