Reported 11 months ago
Neil Phillips, the co-founder of Glen Point Capital, avoided a prison sentence in the US for manipulating an exchange rate to trigger a $20 million barrier option. Instead of jail time, Phillips was sentenced to two years of probation and a one-month served in a Spanish prison after his 2022 arrest for commodities fraud. Despite being convicted, the judge imposed a $1 million fine as the maximum penalty under the statute, citing the case as serious but noting that the foreign exchange spot market involved sophisticated players and Morgan Stanley was not an unsuspecting victim. Phillips, backed by George Soros, previously managed Glen Point, one of the largest hedge fund launches in 2015 focusing on emerging markets. The sentencing marks a downfall for Phillips, as his hedge fund later closed after the failed Eisler Capital merger following Phillips’ arrest in 2022.
Source: YAHOO