Witch hunt has begun..
UBS suspends U.S.-based forex trader in manipulation probe
UBS AG (UBSN.VX) has suspended a spot trader on its New York foreign exchange desk, a source familiar with the investigation said on Friday amid an ongoing international probe of big forex dealers for potential collusion and market manipulation. Michael Velardi, 52, who has worked for the bank for nearly 20 years, was suspended this week, the source said. When reached by phone, Velardi declined to comment. A spokesman for UBS declined to comment. The source said up to six UBS traders, including Velardi, have been suspended this week as the Swiss bank tries to stay ahead of the wide-ranging probe. Authorities in the ... (full story)