Tag: Chris Ashton

Chris Ashton

Cartel Members Acquitted of FX Market Manipulation

Richard Usher, Rohan Ramchandani and Chris Ashton, the three members of the now notorious “Cartel” chat room, have been found not guilty of FX market manipulation by a jury in New York.

It was alleged that between 2007 and 2013 Usher, Ramchandani and Ashton worked in coordination to fix prices and rig EUR/USD markets, participating in telephone calls and electronic messages, including near-daily conversations in a private electronic chat room, in order to achieve this. The indictment against them was issued in January of this year.

If found guilty the three could have each faced a maximum penalty of 10 years in prison and a $1 million fine.

Ashton Loses Appeal Against FX Ban and Fine

The US Federal Reserve has refused to stay a motion issued last year that banned former Barclays FX trader Chris Ashton from the FX industry and fined him $1.2 million.
Ashton appealed the decision, which was originally announced in 2016, only after it had formalised the ban last year, claiming, the Fed says, that the final notice was not relevant in the jurisdiction in which he resides – the UK – and that it was not served in a correct manner.

Cartel Traders Agree to US Extradition

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.

NY Fed Formalises Ashton Ban and Fine

The Federal Reserve Bank of New York has formally imposed a $1.2 million fine and a permanent ban on employment in the banking industry against former Barclays trader Chris Ashton, the former global head of FX spot trading at the bank.
The fine and ban is in connection with the manipulation of FX pricing benchmarks and was first announced last year.
The Fed now says that Ashton failed to answer, appear, or request a hearing in administrative law proceedings after the Board charged him with a string of offences.

Cartel Members Indicted in US

The US Department of Justice has announced that a Federal grand jury has returned an indictment against three members of the infamous Cartel chat room that allegedly conspired to manipulate FX markets.
The one-count indictment, filed in the US District Court for the Southern District of New York, charges former RBS trader Richard Usher, ex-Citi head of spot FX Rohan Ramchandani and former Barclays trader Christ Ashton with conspiring to fix prices and rig bids for US dollars and euros exchanged in the FX spot market.

Ashton Loss a Rare Win for Banks in FX Cases

News that Chris Ashton, the former Barclays FX trader dismissed by the bank over misconduct allegations, has lost his claim for unfair dismissal represents the first outright win for a bank facing such a claim and, potentially, draws a line in the sand over how participation in foreign exchange chat room activities is viewed.
Bloomberg News reports that Ashton lost his claim in a ruling dated September 19 as the judge found Barclays took “appropriate action” due to his “gross misconduct”.

Barclays ‘Cartel’ Trader Blames Bank

Former Barclays head of spot voice FX trading Chris Ashton claims he was “scapegoated” by the firm in the wake of the investigations of the Financial Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was first “put in the line of fire” and then sacked for repeatedly blowing the whistle, an […]

‘Cartel’ FX Trader Ashton’s Whistleblowing Claim “Absurd”, Says Former Barclays COO

Chris Ashton’s claim of whistleblowing against Barclays, where he was formerly head of spot FX voice trading, is “absurd”, according to Justin Bull, the bank’s former global chief operating officer. Bull – who co-chaired Ashton’s disciplinary hearing – appeared to testify at the East London employment tribunal Wednesday in the course of the second hearing […]

Profit & Loss is no longer publishing

Thank you for 21 great years of support