Two former Deutsche Bank precious metals traders have been found guilty in a Chicago court of spoofing precious metals markets. James Vorley and Cedric Chanu were convicted of three and seven counts of wire fraud respectively, however they were cleared of conspiracy charges. Vorley, who was based in London, and Chanu, who worked in both […]
There was a burst of correspondence following the news late last week that for EM FX trader Ashkay Aiyer had received a fine and a jail sentence for his role in what can generically be called the chat room scandal – some were questioning how his sanction sits against that for Mark Johnson, while others […]
Akshay Aiyer, a former FX trader at JP Morgan in New York, has been sentenced to serve eight months in jail and ordered to pay a $150,000 criminal fine for his participation in an antitrust conspiracy to manipulate prices for emerging market currencies in the FX market. Aiyer was found guilty late last year by […]
There is so much happening at the moment it’s hard to know where to start, so let’s kick off with the good, before moving to the cynical. First up, hearty congratulations to Martyn Mead, who left Barclays, and, I understand, the FX industry, last week after four decades, the majority of which he spent at […]
And so, Mark Johnson’s battle to have his conviction overturned moves onto the next chapter with a petition for either a re-hearing by the original appeal court panel or by the entire appeals circuit bench – and it is to be hoped that enough of the judges concerned see the absolute need for such a […]
Mark Johnson’s legal team has filed a petition to have his appeal reheard or reheard “en banc”, before the entire bench of active appeal circuit judges, as he seeks to have his conviction for wire fraud overturned. In September Johnson lost an appeal in front of three appeal court judges, however his team has filed […]
Rohan Ramchandani, who was acquitted of FX market manipulation by a jury in New York last year, has filed a lawsuit against his former employer, Citi, alleging “malicious prosecution” by the bank against him and seeking $112 million in damages. In documents filed at the Southern District of New York Court today, Ramchandani claims that […]
The US Department of Justice and Commodity Futures Trading Commission (CFTC) have charged five traders with spoofing and market manipulation offences in precious metals. Gregg Smith, Michael Nowak and Christopher Jordan were all charged for their alleged participation in a racketeering conspiracy and other federal crimes in connection with what the authorities claim was the […]
The news this week that the US government has failed to prosecute another FX trader is yet another indication of both the eagerness of the authorities there to have a “head” to represent the general misconduct of bankers, as well as those same authorities’ lack of understanding as to how the FX market works. In this case, as well as that of Mark Johnson, there is more than enough evidence to indicate the “customer” knew perfectly well how the FX market operates and therefore were most definitely not “victims”.
In this Profit & Loss exclusive, Rohan Ramchandani, who was recently acquitted of FX market manipulation by a jury in New York, breaks his silence on the case and gives his perspective on why he believes the prosecution’s arguments were fundamentally flawed.Cast your mind back to 2008. Lehman Brothers collapsed, the financial crisis ensued, causing a global recession, which in turn led to unemployment climbing and house prices falling. People lost their homes. There was public outrage at what happened, aimed primarily at global “bankers” though few understood exactly what role individuals had played. Nonetheless, in the following months, one question in particular recurred in the press, namely “who is being held accountable?” This was to prove the start of a multi-year “anti-banker” campaign provoking regulators and prosecutors to go hunting for blood.