UK currency traders abandon extradition fight, agree to face charges in NY

A trio of City of London traders charged by the U.S. Department of Justice with rigging the $5.3 trillion per day currency markets have agreed to go voluntarily to the United States and not battle extradition proceedings.

The three men -- part of an online chat group called "the Cartel," which is alleged to have been used to manipulate foreign exchange deals -- have struck the deal, which will allow them to return to Britain ahead of the trial.

The three men are Chris Ashton, who was formerly global head of spot trading at Barclays, ex-JP Morgan dealer Richard Usher, and Rohan Ramchandani, formerly of Citigroup.

They are accused by U.S. authorities of a single count of conspiracy to manipulate markets. This charge carries a maximum penalty of 10 years' imprisonment and a $1 million fine, though this could rise to twice the gain they received from their actions or twice the losses of those on the other side of the deal if found guilty. ...

...For the remainder of the report:

http://www.telegraph.co.uk/business/2017/06/1...ency-traders...

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