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Switzerland: More forex charges loom with crackdown on execs

 |  November 13, 2014

Swiss authorities, which recently fined several banks for their alleged roles in manipulating the foreign exchange market, have not finished their crackdown as they plan to take on individuals who are believed to have participated in the conspiracy.

Switzerland’s Attorney General Michael Lauber announced Thursday that the nation will launch a criminal investigation into several individuals accused of participating in the collusion to rig the forex market.

The probe, confirmed by a spokesperson for Lauber, follows similar investigations launched by the US Department of Justice and the UK’s Serious Fraud Office. Switzerland’s announcement comes just one day after regulators in Switzerland, as well as the US and UK, fined some of the world’s largest financial institutions a combined $4.25 billion for forex market manipulation. UBS, HSBC, RBS, JPMorgan Chase, Citigroup and Bank of America all took part in various settlements with authorities investigating the matter.

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