Shortly after the transaction, the brokerage firm’s employees apparently realized the gravity of the situation, according to the CFTC lawsuit, and the salesperson who pushed through the deal told his boss not to react directly to what was “very blatant” about Phillips. I told him that I tried to We couldn’t stop communication, but we couldn’t stop trading.
“I wanted you to know, because I really had no way of knowing.” [Phillips]”No, we’re just going to stop while we check for compliance, etc.,” the salesperson said, according to the complaint.
A candid one-word evaluation from the boss soon followed.
The CFTC alleges that Phillips was involved in another barrier chase with the same bank three days later, lowering the exchange rate to a rate of R12.25 per dollar, triggering a $10 million payout associated with another option. increase.
Glenpointe closed this year after a merger with rival hedge fund Eisler Capital fell through.
The case is Commodity Futures Trading Commission v. Glen Point Capital Advisors LP, 22-cv-10589, US District Court, Southern District of New York (Manhattan).
