Neil Phillips, the founder of hedge fund Glen Point Capital, has been charged with committing forex market manipulation and fraud, according to the U.S. Department of Justice.
Phillips, 52, has been accused of carrying out a scheme to “artificially manipulate” the exchange rate of the currency pair USD/ZAR (South African rand) to trigger a $20 million payout in an options contract, a Sept. 1 DOJ press release said.
