Glen Point’s Neil Phillips Shouldn’t Be Jailed, Lawyers Say (1)

Glen Point Capital co-founder Neil Phillips, who was found guilty last year of manipulating the US dollar-South African rand exchange rate, shouldn’t get a prison term, his lawyers 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.

Neil Phillips

Photographer: Stephanie Keith/Bloomberg

“Mr. Phillips’ career was destroyed by a single ...