Three Traders Charged in Forex Rigging Probe

“The U.S. Justice Department was set to bring charges on Tuesday against three ex-traders at JPMorgan Chase & Co (NYSE: JPM), Citigroup, Inc (NYSE: C) and Barclays Plc arising from a probe into the manipulaiton of foreign-exchange prices at major banks, a person familiar with the matter said,” according to the statement.

 The three ex traders being charged are Richard Usher, formerly from JP Morgan, Rohan Ramchandani, formerly from Citigroup, and Chris Ashton, formerly from Barclays. They are expected to face criminal charges in a case filed in federal court in New York, according to the person. 

“The case comes after JPMorgan, Barclays, the Royal Bank of Scotland and a Citigroup unit pleaded guilty in May 2015 to conspiring to manipulate currency prices, agreeing at that time to pay more than $2.5 billion in criminal fines,” according to the statement.

From 20017 to 2013, there was a electronic chat group called “The Cartel” that manipulated benchmark exchange rates in an effort to increase their profits, according to the prosecutors.  A former trader at Barclays and BNP Paribas SA, Jason Katz, pleated guilty last week to participating in a price fixing conspiracy.

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