UK hedge fund founder charged in New York

NEW YORK, Sept 3 (Reuters): The co-founder and chief investment officer of a prominent London hedge fund was charged on Thursday with fraudulently manipulating the US dollar-South African rand exchange rate in order to trigger a $20 million payment, US prosecutors said.
Neil Phillips, 52, of Glen Point Capital LLP, was indicted in Manhattan on four criminal charges including wire fraud, commodities fraud and two conspiracy counts.
Prosecutors said Phillips on Dec. 26, 2017, directed $725 million of dollar-rand trades to drive the exchange rate below 12.50, entitling him to the $20 million under a contract that might otherwise have expired worthless one week later.
Phillips was arrested in Spain this week at the United States' request, and would be extradited to face the charges.
Glen Point is not a defendant or named in the indictment, but Phillips registered with the US Commodity Futures Trading Commission as being associated with that firm.