Federal authorities charged a former JP Morgan Chase currency trader with antitrust violations, saying he conspired to fix currency prices. Investigators say the man conspired with other traders to fix the exchange price of rands and rubles. He faces a single count of conspiracy to restrain trade.
Three other individuals also named as co-conspirators in the indictment pleaded guilty to similar charges in 2017. Those individuals worked for Citibank and Barclays and manipulated currency prices between 2007 and 2013. The court has not yet sentenced them, but they could face as much as 10 years in prison and millions in fines.
JP Morgan, Citi, Barclays and Royal Bank of Scotland pled guilty to manipulating currency exchange prices in 2015. In that case, the currency pair included the exchange rate between the euro and the US dollar. The banks agreed to admit criminal liability and pay fines of more than $2.5 billion. In a separate case, BNS Paribas pleaded guilty to manipulating benchmark interest rates and agreed to pay a $203M fine.
The case is a continuation of a long-running Department of Justice investigation into anti-competitive practices in the financial sector.
Federal Antitrust Lawyer
When you face charges related to anticompetitive practices, hire an experienced antitrust lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes cases in any federal circuit in the United States.
Federal prosecutors have a reputation for being well funded and well resourced. Facing a conviction rate that exceeds 90%, federal defendants may feel like they have few good options. Your best defense strategy in this situation is to work with an experienced, aggressive federal defense lawyer.
Mr. Helfend’s first priority will be to get the charges against you reduced or dropped. When that’s not possible, he will work toward the best possible resolution to your case.
Don’t assume that there’s nothing you can do, and don’t rely on an inexperienced attorney. Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County antitrust case.
Photo Credit: Becky McCray, via Flickr.com