Description: New York City, New York criminal defense lawyer represented the Defendant charged with commodities fraud.

Phillips, a citizen of the United Kingdom, was the co-founder and co-Chief Investment Officer of a U.K.-based hedge fund, Glen Point Capital. He and hisNo. 24-1908 hedge fund operated in the foreign-exchange market, the global market for trading national currencies. The most basic trade in the foreign-exchange market is a “spot” trade, which is simply trading one currency for another—for example, selling South African rand to buy U.S. dollars. The relative value of one currency to another on the spot market—for example, how many rand it costs to buy one dollar—is the “exchange rate” between the two currencies. See In re Foreign Exch. Benchmark Rates Antitrust Litig., 74 F. Supp. 3d 581, 586–87 (S.D.N.Y. 2015); Exchange Rate, Black’s Law Dictionary (12th ed. 2024). A litany of derivative financial instruments based on exchange rates are also traded in global financial markets. See, e.g., Dennis v. JPMorgan Chase & Co., 343 F. Supp. 3d 122, 142–43 (S.D.N.Y. 2018).

Outcome: Affirmed

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Defendant's Experts:

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