Glen Point’s Neil Phillips Facing Reduced US Criminal Case
- Prosecutors in NY dropped most serious wire-fraud charges
- Top charge against ex-fund head now carries 10 years, not 20
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Glen Point Capital co-founder Neil Phillips is facing a reduced criminal case after US prosecutors dropped the most serious charges against him.
Federal prosecutors in New York on Monday said they were withdrawing charges of wire fraud and conspiracy to commit wire fraud, leaving the former hedge fund manager to face commodities fraud and related conspiracy counts. Wire fraud is punishable by up to 20 years in prison, while the commodities fraud charge carries a maximum sentence of 10 years.