OCC fines Usher and Ramchandani $5m each in ‘Cartel' probe
Former traders indicted by the DoJ for the same offences
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
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