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Neil Phillips. Image source: LinkedIn
U.S. District Judge Lewis Liman on Tuesday sentenced Phillips, 53, to two years of probation and to serve a month in prison in Spain following his arrest in 2022. Prosecutors had asked for a two-year prison sentence for the former hedge fund manager to deter others from committing similar acts.
Phillips was convicted in October of one count of commodities fraud after a week-long trial for directing more than $700 million in trades on Dec. 26, 2017, to push the rand to 12.50 per dollar, the payout threshold for options he bought from Morgan Stanley for $2 million.
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