OCC Drops Forex-Rigging Case Against Ex-JPM, Citi Traders

By Jon Hill (July 8, 2021, 9:04 PM EDT) -- The Office of the Comptroller of the Currency has pulled the plug on its administrative cases against two former JPMorgan and Citigroup foreign exchange traders previously accused and acquitted of market manipulation, abandoning its multiyear pursuit of fines and industry bans against them.

In notices filed late Wednesday, OCC enforcement counsel moved to dismiss with prejudice the agency's administrative proceedings against Richard Usher and Rohan Ramchandani, who have spent years fighting claims that they colluded with other traders in a chatroom dubbed the "Cartel" to manipulate prices in the spot forex market between 2007 and 2013.  

Usher, who worked for JPMorgan...

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