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    UK Traders Face Currency Rigging Charges After Surrender to US Authorities

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    Three former currency traders from the United Kingdom, who voluntarily surrendered to US authorities, were arraigned on charges stemming from a scheme to manipulate the dollar-euro exchange rate, the US Department of Justice announced in a press release.

    WASHINGTON (Sputnik) — A one-count indictment named Richard Usher, who traded for affiliates of the Royal Bank of Scotland and JP Morgan, Rohan Ramchandani, who traded for a Citicorp affiliate and Christopher Ashton, formerly with a Barclays subsidiary, the release explained.

    "The charge in the indictment carries a maximum penalty of 10 years in prison and a $1 million fine," the release stated on Monday. "The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by victims if either amount is greater than $1 million."

    From December 2007 through January 2013, the three traders — known as the "Cartel" or "Mafia" — conspired to manipulate prices and rig bids for the euro-dollar currency pair, according to the indictment.

    The group carried out their conspiracy by participating in telephone calls and near-daily conversations in a private electronic chat room, the release noted.

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    currency, dollar, euro, United States, United Kingdom
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