(Bloomberg) -- Morgan Stanley sold and paid out the $20 million option that federal prosecutors allege motivated Glen Point Capital co-founder Neil Phillips ...
-- Morgan Stanley sold and paid out the $20 million option that federal prosecutors allege motivated Glen Point Capital co-founder Neil Phillips to manipulate the foreign exchange market, a case that goes to trial next week in New York.Bank of America’s Wrong-Way Rate Bet Hurts Moynihan’s Growth Pledge
The trial, in which jury selection begins Oct. 16, could emerge as a test of the legality of so-called “barrier chasing” in foreign exchange markets. Phillips, who faces up to 10 years in prison if convicted of commodities fraud, has argued that US prosecutors are seeking to criminalize normal trading behavior.As the option seller, Morgan Stanley would be the most direct victim of Phillips’s alleged scheme. A spokesman for the bank declined to comment on Monday.
Phillips, who was a Morgan Stanley trader earlier in his career, was arrested while on vacation in Spain in 2022 and agreed to be extradited to the US earlier this year. Prosecutors on Sept. 25 said they were withdrawing the most serious wire fraud charges against him. The government didn’t say why it was paring down its case, but the dropped counts carried a maximum sentence of 20 years.
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