By Millie Turner
A London hedge fund co-founder has been arrested in Spain for an alleged foreign-exchange market manipulation scheme to trigger a $20m payment.
Neil Phillips, 52, has been accused of conspiring to artificially manipulate the US dollar-South African rand exchange rate in charges brought forward by the US.
Damian Williams, US attorney for the Southern District of New York, said that Phillips had “manipulated the FX market in order to unlawfully obtain millions of dollars in payments for his hedge fund under an options contract.
“Market manipulation is pernicious in all of its forms and today’s charges are a reminder that the Southern District of New York will steadfastly investigate and prosecute such activity whether it occurs in the equity market, the FX market or elsewhere in the financial system.”
While Philips’ hedge has not yet been disclosed by prosecutors, a statement said he served as chief investment officer, a role he has performed at Glen Point Capital.
According to Bloomberg, Kirkoswald Asset Management put leave several employees who used to work at Glen Point. While Balyasny Asset Management reportedly let go some former Glen Point staff.
The post London hedge fund founder arrested on market manipulation allegations appeared first on CityAM.
