Glen Point Capital co-founder Neil Phillips was convicted of manipulating the foreign-exchange market to hit a “barrier” rate and trigger a $20 million option. The former hedge fund executive was found guilty Wednesday of commodities fraud by a jury in federal court in Manhattan. Prosecutors had accused Phillips of directing $725 million in trades on Dec. 26, 2017, to intentionally raise the value of the South African rand against the US dollar. Phillips, 53, was found not guilty of a related conspiracy charge. He faces a maximum of 10 years in prison on the fraud count. US District Judge Lewis Liman scheduled his ... (full story)