FX scam at top banks exposed

The 17 individuals implicated were among 47 arrests -- the remainder in retail FX -- made by the FBI last Tuesday, following an 18-month undercover investigation.

Traders at JP Morgan Chase, UBS, SG, Dresdner Kleinwort Wasserstein and Israel Discount Bank of New York are alleged to have defrauded their institutions by knowingly entering into loss-making proprietary trades for kickbacks, via brokers at Icap subsidiary Harlow, Tullett Liberty and Tradition.

Retail firm Itradecurrency, whose pri