Former FX-Trader plead guilty

Former FX-Trader plead guilty

Christopher Cummins, a former FX-trader for Citigroup on Thursday, 12 January 2017 was plead guilty in the U.S. Department of Justice’s long-running investigation into foreign currency market manipulation.

“The exchange rate manipulation pursued by the charged CEEMEA FX dealers and their co-conspirators, like any other form of price fixing, was intended to stymie free competition that promotes market integrity and fair pricing,” Deputy Assistant Attorney General Brent Snyder of the DOJ’s antitrust division said in a statement.

As part of his plea, Cummins has agreed to cooperate with the prosecutors.