OCC fines Usher and Ramchandani $5m each in FX ‘Cartel’ probe

Former traders were indicted by the DoJ for the same offences

OCC headquarters in Washington DC
OCC: notice of fines issued a day after the men were formally indicted by the DoJ

The Office of the Comptroller of the Currency (OCC) has issued notices of $5 million fines against former foreign exchange traders Richard Usher, ex-head of G10 spot trading at JP Morgan, and Rohan Ramchandani, ex-head of European spot trading at Citibank, for violating the Sherman Antitrust Act and engaging in unsound practices. The OCC's notice was issued the day after both men were formally indicted by the Department of Justice (DoJ) for conspiracy to manipulate EUR/USD and eliminate compe