Glen Point's Phillips Says US Trying to Criminalize FX Trading bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Glen Point Capital co-founder Neil Phillips urged a federal judge to throw out charges that he tried to manipulate the foreign exchange market, saying the US is attempting to criminalize normal trading activity. Most Read from BloombergUS Stripped of AAA Rating by Fitch as Budget Deficits SwellPoland Sends Troops to Belarus Border After Airspace BreachMissing Goldman Sachs Analyst Confirmed Dead by New York PoliceTrump Indicted on Federal Charges in 2020 Election ProbeUS, Europe G
The SA-born hedge fund manager charged in the US for manipulating the rand in the wake of Cyril Ramaphosa's election as ANC leader in 2017 has asked a New York court to throw out the case against him.
<p><span>The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Southern District of New York against </span><span>Glen Point Capital Advisors LP</span><span> and </span><span>Glen Point Capital LLP </span><span>(collectively,</span><span> </span><span>Glen Point Capital), two CFTC-registered commodity pool operators, and their Co-Founder and Co-Chief Investment Officer, </span><span>Neil Phillips</span><span>, charging them with engaging in a deceptive and manipulative scheme to illegally trigger payouts on two large binary option contracts. Additionally, the defendants are charged with failing to supervise the trading activities of their officers, employees,</span></p>