A U.K. hedge fund manager faces an array of charges in the U.S. involving alleged market manipulation in the global foreign exchange (FX) markets.

U.S. authorities announced the unsealing of an indictment against Neil Phillips, co-founder and chief investment officer at an unnamed London-based hedge fund, charging him with wire fraud, commodities fraud and conspiracy in connection with an alleged scheme to manipulate the exchange rate for the U.S. dollar and the South African rand.

Specifically, authorities alleged that the hedge fund sought to manipulate the dollar-rand exchange rate to trigger a US$20-million payout from an options contract based on the currency pair, which was about to expire.

“As alleged, Neil Phillips — the co-founder and chief investment officer of a prominent U.K. hedge fund — manipulated the FX market in order to unlawfully obtain millions of dollars in payments for his hedge fund under an options contract,” said Damian Williams, U.S. attorney for the Southern District of New York, in a release.

None of the allegations have been proven. Phillips was arrested in Spain earlier this week.