Glen Point’s Neil Phillips Shouldn’t Be Jailed, Lawyers Say
- Hedge fund co-founder was convicted over forex manipulation
- Judge still questioned DOJ’s role as global financial police
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Glen Point Capital co-founder Neil Phillips, who was found guilty last year of manipulating the US dollar-South African rand exchange rate, shouldn’t get a prison term, his lawyers argued in a court filing.
The 54-year-old former hedge fund executive was convicted of a single count of commodities fraud by a jury in October after a weeklong trial. Prosecutors had accused him of directing $725 million in trades on Dec. 26, 2017, to raise the value of the rand against the dollar and trigger a payout on a $20 million option.