The U.S. Attorney’s Office for the Southern District of New York on Thursday announced that the co-founder and chief investment officer of a London-based hedge fund has been accused of engaging in a $20 million scheme to artificially manipulate the exchange rate between the U.S. dollar and the South African rand.
Neil Phillips, 52, was charged with conspiracy to commit commodities fraud, conspiracy to commit wire fraud, commodities fraud and wire fraud. The indictment did not name the hedge fund, but Phillips is a co-founder of Glen Point Capital, which matches the description of the fund in the indictment.
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