London Traders Gamble on SDNY in Foreign Currency Case
As the Department of Justice prosecutes alleged manipulation of the foreign currency spot trading market, a trio of London-based foreign currency traders who worked for Citicorp, Barclays, and JPMorgan Chase agreed earlier this month to come to New York in July for their arraignments.
June 22, 2017 at 06:01 PM
15 minute read
As the Department of Justice prosecutes alleged manipulation of the foreign currency spot trading market, a trio of London-based foreign currency traders who worked for Citicorp, Barclays, and JPMorgan Chase agreed earlier this month to come to New York in July for their arraignments.
But why face federal prosecution in the Southern District of New York, when U.K. investigators gave the traders the all-clear, and their lawyers have said the U.S. could lose an extradition fight?
Given the stakes, including potential prison time if found guilty, the defendants' voluntary trip to New York raises questions, according to another white-collar criminal defense lawyer who doesn't have a client in the case.
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