Article: London forex trader sues Citigroup over ‘malicious’ forex prosecution

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London forex trader sues Citigroup over ‘malicious’ forex prosecution

Kirstin Ridley, 02 October 2019

Rohan Ramchandani, the former European head of Citigroup’s forex spot market trading desk, alleges in a lawsuit filed on Wednesday that Citigroup made false and “gravely derogatory” assertions against him to government investigators and the media after firing him in 2014 without cause.

“Ultimately, Citi quite literally fabricated an antitrust case for the United States Department of Justice against Ramchandani based upon knowingly false allegations that he engaged in market ‘manipulation’ and ‘collusion’,” read the complaint filed in the federal court in Manhattan.

A spokeswoman for Citigroup in London said the bank rejected the allegations and would fight the case.

“Mr. Ramchandani’s claims of malicious prosecution are without merit and we will contest them vigorously,” she said.

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Article: Six former UBS forex staff banned by Swiss watchdog

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Six former UBS forex staff banned by Swiss watchdog

Silke Koltrowitz, Steve Slater, Kirstin Ridley, 17 December 2015

Six former UBS managers and traders have been banned for up to five years for alleged manipulation of foreign exchange and precious metals markets in the first sanctions handed out by authorities in a global investigation. Continue reading “Article: Six former UBS forex staff banned by Swiss watchdog”

Article: Arrested RBS forex trader named as Paul Nash: sources

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Arrested RBS forex trader named as Paul Nash: sources

Jamie McGeever, Kirstin Ridley, 08 January 2015

LONDON (Reuters) – Royal Bank of Scotland currency trader Paul Nash has become the first individual arrested in connection with a global inquiry into alleged manipulation in the foreign exchange market, sources familiar with the matter said on Thursday.

Nash, who was suspended by RBS in 2013, was named by the sources as the man arrested in Billericay, southeast England, on Dec. 19. One of the sources said his arrest came only days before he emigrated to Canada.

Nash emigrated to Canada on Christmas Day and has rented out his family home, the source said. His arrest was not by appointment, as is typical in such cases, but was an “arrest and raid”, the source added.

Nash, who has not been charged with any offense, appeared at Westminster Magistrates’ Court on Dec. 23 over variations to his bail conditions, a court official confirmed. These included that he would reside at a specified address in British Columbia.

Britain’s Serious Fraud Office (SFO) said only that a 48-year-old man had appeared at the London court on Dec. 23 in connection with a global investigation into allegations of manipulation in the $5.3 trillion-a-day forex market.

The increasingly aggressive agency, which is preparing for the trials this year of individuals alleged to have manipulated global benchmark interest rates, said last July that it might file the first charges in the high-profile inquiry this year.

About 30 forex traders have been put on leave, suspended or fired as prosecutors and regulators continue to examine allegations of wrongdoing in the world’s largest market.

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Article: Regulators fine global banks $4.3 billion in currency investigation

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Regulators fine global banks $4.3 billion in currency investigation

Kirstin Ridley, Joshua Franklin, Aruna Viswanatha, 12 November 2014

Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation.

HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of America Corp all faced penalties resulting from the inquiry, which has put the largely unregulated $5-trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.

Authorities accused dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings.

Dealers used code names to identify clients without naming them and swapped information in online chatrooms with pseudonyms such as “the players”, “the 3 musketeers” and “1 team, 1 dream.” Those who were not involved were belittled, and traders used obscene language to congratulate themselves on quick profits made from their scams, authorities said.

Wednesday’s fines bring total penalties for benchmark manipulation to more than $10 billion over two years. Britain’s Financial Conduct Authority levied the biggest penalty in the history of the City of London, $1.77 billion, against five of the lenders.

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