By Matthew Russell Lee, Patreon Substack
SDNY COURTROOM, Oct 25 - In the U.S. District Court for the Southern District of New York on January 5, a detention or bond proceeding was held by Magistrate Judge Sarah Netburn on Neil Phillips, charged with commodities fraud for manipulating the exchange rate of the South African rand and US dollar.
Jump-cut to October 18, 2023: Morgan Stanley's head of FX for the Americas back on that fateful Christmas night was on the stand, calling MS' barrier proprietary. Had he ever met Phillips, at Glenpoint Capital? He said he had...
On October 19 while an expert witness told the jury about delta, letters flew about a chat and audio of Rahul Kamath, with Phillips trying to keep it out. His legal team points to a phrase from the 3500 material, "Ha[ve] not been able to figure out way for Nomura New York employee to authenticate audio without running into privilege issue."
On October 21, Saturday, the prosecutors filed a 7 page letter seeking to limit and blunt the Friday testimony of Andrew Newman, arguing that "Mr. Newman’s testimony on Friday exceeded the scope of his expert disclosure, as well as the scope represented by the defense in their opposition to the Government’s motion in limine, by directly opining on Phillip’s purpose on December 26, 2017. For example, early in Mr. Newman’s testimony, counsel asked Newman, “[B]ased on that analysis what, if any, opinions did you form about trades on December 26, 2017?” and Newman responded, “Yes. So Glen Point’s trading on that was part of a delta replacement strategy for the anticipation of the expiration of the 12.50 onetouch option expiring on January 2."
On October 23, the prosecution cross examined Newman about his charts and the Archbishop's midnight mass speech....
On October 25, the jury found him guilty of commodities fraud - but not guilty of conspiracy...
The US Attorney's Office had agreed to a bond package with Phillips, as it had with Bankman-Fried. In Phillips' case it is a $15 million bond with three publicly named co-signers, two of whom are putting up $250,000 cash.
By contrast, Sam Bankman-Fried tried to keep his two co-signers secret. Inner City Press first opposed.
More - analysis - on Substack here
This case is US v. Phillips, 22-cr-138 (Liman)
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