The US Commodity Futures Trading Commission has filed a lawsuit against hedge fund Glen Point Capital and its founder Neil Phillips over an alleged scheme to illegally trigger payouts on two options contracts totalling $30 million.

The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against hedge fund Glen Point Capital and its founder Neil Phillips over an alleged scheme to illegally trigger payouts on two options contracts totalling $30 million.

Glen Point Capital Advisors LP and Glen Point Capital LLP (collectively, Glen Point Capital), two CFTC-registered commodity pool operators, and co-founder and co-chief investment officer Phillips have been charged with engaging in a "deceptive and manipulative scheme to illegally trigger payouts on two large binary option contracts". Additionally, they have been charged with failing to supervise the trading activities of their officers, employees, and agents.

The suit, filed in federal court in Manhattan on Thursday comes on the back of earlier charges against Phillips by federal prosecutors in New York that he schemed to manipulate the $7.5 trillion daily market for foreign exchange. 

Phillips is currently reported to be awaiting extradition from an Airbnb on the Spanish island of Ibiza, where he was arrested earlier this year while on holiday.