Court documents filed in New York this week indicate that
three members of the notorious “Cartel” chat room have agreed to extradition to
the US to be arraigned on charges of conspiracy to rig FX markets.
In a letter, the US Department of Justice (DoJ) states, “We
are writing to confirm that each of the three defendants in the
above-referenced case – Richard Usher, Rohan Ramchandani, and Christopher
Ashton – have agreed to voluntarily appear before the Court on the charge
brought against them by indictment in January of this year.
“All three defendants are citizens and residents of the
United Kingdom, but have reached an agreement with the government to waive
extradition and appear for arraignment this summer.”
As part of the agreement the DoJ says it has pre-agreed
bailed conditions with the three, who were formally charged in January of this
year. The charge in the indictment carries a maximum penalty of 10 years in
prison and a $1 million fine. The maximum fine may be increased to twice the
gain derived from the crime or twice the loss suffered by victims if either
amount is greater than $1 million.
The first arraignment trial s due to be on July 17.
So far two former FX traders, Jason Katz and Chris Cummins,
have pleaded guilty to misconduct, while last week saw former HSBC head of spot
FX for EMEA, Stuart Scott, arrested in the UK after the DoJ lodged a formal
extradition request in a UK court.