Former Barclays Trader Pleads Guilty in Currency Manipulation Conspiracy – The New York Times

A former Barclays trader pleaded guilty on Wednesday to federal charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the Justice Department said.Jason Katz, a former Barclays trader who later worked at BNP Paribas, pleaded guilty in Federal District Court in Manhattan to participating in a price-fixing conspiracy, becoming the first person to admit criminal wrongdoing in the inquiry.Mr. Katz’s plea came after Barclays and three other banks pleaded guilty last year to conspiring to manipulate currency prices. Barclays agreed to pay $2.4 billion to settle various related investigations by United States and Britain.Prosecutors said that from January 2007 until July 2013, Mr. Katz, while working at three different financial firms, conspired with others to suppress competition by fixing prices in currencies from countries in Central and Eastern Europe, the Middle East and Africa.“These conspirators engaged in blatant collusion and succeeded in manipulating exchange rates for multiple currencies to their advantage,” Brent Snyder, a deputy assistant attorney general, said in a statement.

Source: Former Barclays Trader Pleads Guilty in Currency Manipulation Conspiracy – The New York Times

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