U.S. to charge three traders in forex rigging probe -source

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By Nate Raymond | NEW YORK

NEW YORK Jan 10 The U.S. Justice Department was
set to bring charges on Tuesday against three ex-traders at
JPMorgan Chase & Co, Citigroup Inc and Barclays
Plc arising from a probe into the manipulation of
foreign-exchange prices at major banks, a person familiar with
the matter said.

Richard Usher, formerly of JPMorgan, Rohan Ramchandani,
formerly of Citigroup, and Chris Ashton, formerly of Barclays,
are expected to face criminal charges in a case filed in federal
court in New York, the person said.

The expected charges were first reported by Bloomberg News.
Lawyers for Usher, Ramchandani and Ashton could not be
immediately identified.

The case comes after JPMorgan, Barclays, the Royal Bank of
Scotland and a Citigroup unit pleaded guilty in May 2015
to conspiring to manipulate currency prices, agreeing at that
time to pay more than $2.5 billion in criminal fines.

Prosecutors have said that from 2007 to 2013, euro-dollar
traders at the banks belonging to an electronic chat group
called “The Cartel” manipulated benchmark exchange rates in an
effort to increase their profits.

Last week, a former trader at Barclays and BNP Paribas SA
, Jason Katz, pleaded guilty to participating in a
price-fixing conspiracy, becoming the first person to admit
criminal wrongdoing in the probe.

He was the third person to date to face U.S. criminal
charges in connection with the foreign-exchange probe.

In July, an HSBC Holdings Plc executive, Mark
Johnson, was arrested and charged along with a former executive
for participating in a fraudulent scheme involving a $3.5
billion currency transaction. Johnson has pleaded not
guilty.



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