Glen Point’s Phillips Should Get Two Years in Prison, US Says

Glen Point Capital co-founder Neil Phillips should serve two years in prison for manipulating the US dollar-South African rand exchange rate, federal prosecutors argued in a court filing.

The 54-year-old former hedge fund executive was convicted of a single count of commodities fraud by a jury in October after a weeklong trial. Prosecutors had accused him of directing $725 million in trades on Dec. 26, 2017, to raise the value of the rand against the dollar and trigger a payout on a $20 million option.

“A sentence of two years’ imprisonment, and a $1 million fine, are necessary to reflect ...