Three British traders charged in New York with rigging foreign-exchange rates may struggle to avoid being sent to the U.S., as America’s appetite for extraditing U.K. targets shows no sign of waning, according to lawyers.
Bloomberg News reports that Richard Usher, formerly of JPMorgan Chase, Rohan Ramchandani, who used to work for Citigroup, and ex-Barclays trader Chris Ashton were indicted Tuesday, accused of conspiring to manipulate the foreign-exchange market. They are likely to be extradited unless they surrender voluntarily, a stark contrast to other European nations, including Germany.
The men haven’t received a formal extradition request but should be certain that one is on its way, according to Roger Burlingame, a former white-collar department head at the U.S. prosecutor. The possibility of a protracted extradition fight won’t deter the Department of Justice, he said.
"The hope that the DOJ would give up on the case ended with the indictment," said Burlingame, a London-based lawyer who advised Navinder Sarao, a British trader extradited to the U.S. last year.
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