OCC fines Usher and Ramchandani $5m each in ‘Cartel' probe

Former traders indicted by the DoJ for the same offences

OCC headquarters in Washington DC
OCC: notice of fines issued a day after the men were formally indicted by the DoJ

The Office of the Comptroller of the Currency (OCC) has issued notices of $5 million fines against former foreign exchange traders Richard Usher, ex-head of G10 spot trading at JP Morgan, and Rohan Ramchandani, ex-head of European spot trading at Citibank, for violating the Sherman Antitrust Act and engaging in unsound practices.

The OCC's notice was issued a day after both men were formally indicted by the Department of Justice (DoJ) for conspiracy to manipulate EUR/USD and eliminate competitio

To continue reading...