Legal
Hedge Fund Manager Conviction Upheld Even as US Reach Questioned
- Judge still questions DOJ’s role as global financial policeman
- Phillips convicted of manipulating dollar-rand exchange rate
Neil Phillips
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
A federal judge upheld the conviction of Glen Point Capital co-founder Neil Phillips, who was found guilty last year of manipulating the US dollar-South African rand exchange rate, despite questioning the Justice Department’s role as the policeman of financial markets around the globe.
US District Judge Lewis Liman mainly agreed with the former hedge fund executive’s argument that prosecutors hadn’t proved that his activities had a close connection to US commerce, saying that most of the links to the US were “indirect or insignificant.”