Royal Bank of Scotland currency trader Paul Nash has become the first individual arrested in connection with a global inquiry into alleged manipulation in the foreign exchange market, sources familiar with the matter said on Thursday. Nash, who was suspended by RBS in 2013, was named by the sources as the man arrested in Billericay, south-east England, on December 19. One of the sources said his arrest came only days before he emigrated to Canada.
Nash emigrated to Canada on Christmas Day and has rented out his family home, the source said. His arrest was not by appointment, as is typical in such cases, but was an "arrest and raid", the source added. Nash, who has not been charged with any offence, appeared at Westminster Magistrates' Court on December 23 over variations to his bail conditions, a court official confirmed. These included that he would reside at a specified address in British Columbia.
Attempts to reach Nash via LinkedIn were unsuccessful. Britain's Serious Fraud Office (SFO) said only that a 48-year-old man had appeared at the London court on December 23 in connection with a global investigation into allegations of manipulation in the $5.3 trillion-a-day forex market.
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