Neil Phillips, the co-founder of Glen Point Capital, was found guilty of fraud by a federal court in Manhattan, according to a report by the Financial Review.
Phillips was charged with directing $725m in trades on December 26, 2017, to intentionally raise the value of the South African rand against the US dollar, according to the report. The report also added that he was convicted of manipulating the foreign exchange market to hit a “barrier” rate and trigger a $20m option.
Phillips faces a maximum of ten years in prison on the fraud charge.
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