Ex-UBS Trader And Member Of Forex Manipulation Cartel Dubbed 'The Mafia' Forgot Snitches Get Stiches

Come on, Matt Gardiner.

Or maybe the rules of a mob made up of currency traders from large banks are different from those of the Cosa Nostra? Seems unlikely, but who's to say? Either way, Matt Gardiner can probably kiss his 20-year co-conspirator reunion invite goodbye.

A currency trader from the Cartel chatroom -- the instant-messaging group the U.S. government named in wringing guilty pleas from five global banks -- has been helping prosecutors who are trying to build foreign-exchange manipulation cases against individuals, according to two people familiar with the matter. The cooperator, they said, is Matt Gardiner, a former UBS Group AG trader known in the chatroom as Fossil. U.S. officials are confident they will be able to charge individuals over currency-rate manipulation, possibly as soon as this summer, a third person said. Announcing the bank convictions in May 2015, the U.S. said traders working for the institutions -- UBS, JPMorgan Chase & Co., Citigroup Inc., Royal Bank of Scotland Group Plc and Barclays Plc -- had conspired in the instant-messaging group, which participants also referred to as the Mafia.
Though the Justice Department said individual charges were likely in the matter, a year has passed without further action.

Ex-UBS Trader in ‘Cartel’ Said to Help U.S. in Currency Probe [Bloomberg]