Jason Katz, previously employed by three financial institutions in New York City, pleaded guilty to manipulating foreign exchange prices from at least January 2007 through July 2013 by placing non-bona fide trades on an electronic FX platform and coordinating bids and offers with others. This coordination was accomplished, claimed the criminal complaint against Mr. Katz filed by the US Department of Justice in a federal court in New York City, through private chat rooms, text messages and other means. Parent companies of four banks pleaded guilty in May 2015 and agreed to pay a collective fine of more than US $2.5 billion for the banks’ role in manipulating the price of US dollars and euros exchanged in the FX market. (Click here for background in the article, "Five Banks Plead Guilty to Forex Manipulation Activities and Agree to Fines Totaling US $5.6 Billion and Other Sanctions" in the May 31, 2015 edition of Bridging the Week.) Mr. Katz’s offense is subject to a maximum penalty of 10 years in prison and a fine.