Clifford Chance

Arrest of Former UBS Trader During U.S. Travel Reveals DOJ's Continued Focus on Prosecutions of Foreign Nationals for Alleged Market Abuse

22 September 2017

On September 13, 2017, Andre Flotron, a Swiss citizen and former UBS precious metals trader, was arrested by U.S. authorities while visiting his girlfriend in New Jersey.  Flotron was charged with commodities fraud and spoofing. After his arrest, Flotron was denied bail pending his transfer to federal court in Connecticut where the charges against Flotron had been filed. This arrest highlights the U.S. authorities' continued focus on investigating non-U.S. citizens for conduct that impacts U.S. markets. Given the government's continuing interest in prosecuting such offenses, foreign nationals engaged in trading and other forms of international business should be familiar with the substance and extraterritorial scope of U.S. criminal laws.

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