Rand manipulation: Morgan Stanley victim of SA-born fund manager's alleged scheme
The bank wasn’t identified in the indictment or earlier court filings, but its name emerged late last month in a fight over which expert witnesses will be allowed to take the stand at Phillips’s trial. The former hedge fund chief is seeking to have an ex-JPMorgan Chase & Co. trader testify for the defense that Morgan Stanley would have been expected to hedge against the option.
Manhattan federal prosecutors claim Phillips committed commodities fraud by directing $725 million in trades aimed at increasing the value of the South African rand on Dec. 26, 2017. According to the indictment, he was seeking to trigger the option at a barrier rate of R12.50 against the US dollar before it expired in a few days.South Africans need to be in the know if we want to create a prosperous future.
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