The founder of a British hedge fund is accused in New York of market place manipulation and fraud

Neil Phillips, 52, was charged with four counts, like pc fraud, commodity fraud and conspiracy.

Prosecutors say Phillips designed hundreds of millions of bucks worthy of of foreign trade transactions on December 26, 2017 to push the greenback-rand price underneath 12.50, clearing his fund and a consumer at $ 20 million underneath. a “barrier alternative” deal.

Phillips was arrested in Spain this 7 days at the ask for of the United States and will be extradited to deal with expenses.

A Phillips attorney could not be recognized right away.

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