| In SDNY Neil Phillips Guilty of
Manipulating Rand Costing MS $20M Now Higher
Bond
By Matthew
Russell Lee, Patreon Substack
SDNY COURTROOM,
Nov 2 - In the U.S.
District Court for the
Southern District of New York
on January 5, a detention or
bond proceeding was held by
Magistrate Judge Sarah Netburn
on Neil Phillips, charged with
commodities fraud for
manipulating the exchange rate
of the South African rand and
US dollar.
Jump-cut to
October 18, 2023: Morgan
Stanley's head
of FX for the
Americas back
on that
fateful
Christmas
night was on
the stand,
calling MS'
barrier
proprietary.
Had he ever
met Phillips,
at Glenpoint
Capital? He
said he had...
On
October 19
while an
expert witness
told the jury
about delta,
letters flew
about a chat
and audio of
Rahul Kamath,
with Phillips
trying to keep it
out. His legal team
points to a phrase
from the 3500
material, "Ha[ve]
not been able
to figure out
way for
Nomura New
York employee
to authenticate
audio
without
running into
privilege
issue."
On
October 21,
Saturday, the
prosecutors
filed a 7 page
letter
seeking to
limit and
blunt the
Friday testimony
of Andrew
Newman, arguing
that "Mr.
Newman’s
testimony on
Friday
exceeded the
scope of his
expert
disclosure, as
well as the
scope
represented by
the defense in
their
opposition to
the
Government’s
motion in
limine, by
directly
opining on
Phillip’s
purpose on
December 26,
2017. For
example, early
in Mr.
Newman’s
testimony,
counsel asked
Newman,
“[B]ased on
that analysis
what, if any,
opinions did
you form about
trades on
December 26,
2017?” and
Newman
responded,
“Yes. So Glen
Point’s
trading on
that was part
of a delta
replacement
strategy for
the
anticipation
of the
expiration of
the 12.50
onetouch
option
expiring on
January 2."
On October
23, the
prosecution cross
examined
Newman about
his charts and
the
Archbishop's
midnight mass
speech....
On
October 25,
the jury found
him guilty of commodities
fraud - but
not guilty of
conspiracy...
On November
2, the US agreed
to, and Judge
Liman
approved, the
raising of
Phillips bond
from $15 million to
$20
million....
The US
Attorney's Office had agreed
to a bond package with
Phillips, as it had with
Bankman-Fried. In Phillips'
case it is a $15 million bond
with three publicly named
co-signers, two of whom are
putting up $250,000 cash.
By
contrast, Sam Bankman-Fried
tried to keep his two
co-signers secret. Inner City
Press first opposed.
More - analysis -
on Substack here
This case is US
v. Phillips, 22-cr-138 (Liman)
***
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