Criminal probe into bankers who rigged foreign exchange markets after five of world’s biggest banks are fined record £2billion

Wednesday, November 12, 2014
By Paul Martin

RBS, HSBC, JPMorgan Chase, UBS and Citibank fined in UK and U.S.
Barclays will also be fined but they are still negotiating their punishment
Bankers were rigging the £3.5trillion-a-day foreign exchange markets
Anyone found guilty of manipulating the Forex market could face jail
30 traders have been sacked or suspended but none have been arrested
Bankers colluded on forums to share information on clients to make cash
Traders called themselves the A-Team, Three Musketeers and The Players
Messages on forums bragged about making ‘free money’ and bonuses

By Martin Robinson
12 November 2014

Traders who were rigging the £3.5trillion-a-day foreign exchange market could face jail for their part in a scandal that has today cost five banks a record £2billion in fines.

The bankers, who called themselves the ‘A-Team’, ‘Three Musketeers’ and ‘The Players’, colluded online by sharing sensitive information to make millions for their banks and bag big bonuses themselves.

Anyone found guilty of manipulating the market could face jail and banks could face prosecution, it was warned today.

The Serious Fraud Office has launched a criminal investigation – but there have been no arrests among the 30 staff sacked or suspended by banks including Royal Bank of Scotland and HSBC.

Evidence released for the first time today revealed traders boasted to each other about making ‘free money’.

Other messages reveal how the cartel feared being caught, telling eachother on forums: ‘Don’t want other numpty’s in mkt to know… is he gonna protect us like we protect each other?’

In a single rigged deal which made Swiss bank UBS £322,000 ($513,000) one message read: ‘He’s sat back in his chair, feet on desk, announcing, that’s why I got the bonus pool. Made most people’s year’.

The Rest…HERE

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