{"id":42,"date":"2017-01-12T17:22:41","date_gmt":"2017-01-12T17:22:41","guid":{"rendered":"http:\/\/ielrblog.com\/?p=42"},"modified":"2017-03-01T21:53:44","modified_gmt":"2017-03-01T21:53:44","slug":"three-former-major-bank-traders-indicted-in-exchange-rate-manipulation-scheme","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2017\/01\/12\/three-former-major-bank-traders-indicted-in-exchange-rate-manipulation-scheme\/","title":{"rendered":"Three Former Major Bank Traders Indicted in Exchange Rate Manipulation Scheme"},"content":{"rendered":"<p>On January 10, 2017, a federal grand jury indicted three former traders at major banks for &#8220;conspiring to fix prices and rig bids for U.S. dollars and euros exchanged in the FX spot market,&#8221; per the press release announcing the indictment. \u00a0The indictment, filed in the Southern District of New York, charges Richard Usher (former Head of G11 FX Trading-UK at an affiliate of The Royal Bank of Scotland plc, as well as former Managing Director at an affiliate of JPMorgan Chase &amp; Co.), Rohan Ramchandani (former Managing Director and head of G10 FX spot trading at an affiliate of Citicorp) and Christopher Ashton (former Head of Spot FX at an affiliate of Barclays PLC) each with one count of\u00a0Conspiracy to Restrict Trade. The indictments come after, on January 4, 2017, former trader Jason Katz pleaded guilty to the same charges for his involvement in the FX market manipulation scheme. Citicorp, JPMorgan Chase &amp;Co., Barclays PLC, and The Royal Bank of Scotland plc (RBS) pleaded guilty to charges related to the scheme on May 20, 2015, and agreed to\u00a0pay criminal fines totaling more than $2.5 billion.<\/p>\n<p>The indictment can be found here:\u00a0<a href=\"https:\/\/www.justice.gov\/opa\/press-release\/file\/924206\/download\">https:\/\/www.justice.gov\/opa\/press-release\/file\/924206\/download<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 10, 2017, a federal grand jury indicted three former traders at major banks for &#8220;conspiring to fix prices and rig bids for U.S. dollars and euros exchanged in the FX spot market,&#8221; per the press release announcing the indictment. \u00a0The indictment, filed in the Southern District of New York, charges Richard Usher (former [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-42","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"yoast_head":"<!-- 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