Quantcast
logo

Prosecutors in the US Charge Former Foreign Exchange Traders

  • As per reports, three former foreign exchange traders have been accused of trying to rig foreign exchange rates in the banking industry by prosecutors in the US. The name of the three foreign exchange traders are Richard Usher, Rohan Ramchandani and Chris Ashton who worked at reputed banks JP Morgan, Citigroup and Barclays.

    The charges came up after those banks along with RBS paid fines of $2.5bn in May 2015. It was found that the three were pleading guilty of conspiring to rig foreign exchange rates.

    Reports say that the three men were involved in a conspiracy to manipulate the price of the US dollars as well as euros in the spot market of currency foreign exchange.

    Commenting on this, Deputy Attorney General Sally Yates said that no matter where a crime is committed, on the street or in the corner of the office, no one will be spared because they were a part of a corporation when they broke law.