Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Ex-JPMorgan trader sentenced to prison for currency rigging

share with twitter share with LinkedIn share with facebook
09/17/2020 | 03:01pm EDT
FILE PHOTO: People walk inside JP Morgan headquarters in New York

A former JPMorgan Chase & Co foreign exchange trader was sentenced on Thursday to eight months in prison, following his Nov. 2019 conviction for conspiring with traders at other banks to rig currency trades.

Akshay Aiyer, 37, was also sentenced to two years supervised release and fined $150,000 by U.S. District Judge John Koeltl in Manhattan.

Prosecutors had sought up to 46 months in prison, while the defendant sought probation.

Aiyer was charged with colluding with other traders from Oct. 2010 to July 2013 to fix prices of and rig bids for Central and Eastern European, Middle Eastern and African currencies.

Prosecutors said the traders would swap trading positions, customer information and order pricing through chat rooms, phone calls and text messages, to boost profits at customers' expense.

Aiyer's case was part of a broad U.S. probe into currency manipulation by the banking industry.

"The conspiracy threatened the integrity of the market," and the idea "everyone did it" is "plainly not an excuse," Koeltl said.

Aiyer grew up in Pune, India, about 93 miles (150 km) southeast of Mumbai. He came to the United States in 2002 to attend Vassar College.

Before being sentenced, Aiyer told the judge he had tried to conduct himself professionally, and it was a "total shock" to be charged.

"I recognize that I have no one to blame but myself," Aiyer said.His lawyer Martin Klotz objected to the sentence, saying "it doesn't seem fair" to single out Aiyer. He also said Aiyer's asthma heightened his risk of illness from COVID-19 in prison.

Aiyer is among at least six people criminally charged in the Manhattan court in the currency probe.

Two cooperated with prosecutors in Aiyer's case, while three London-based traders were acquitted in Oct. 2018.

Banks including JPMorgan have paid more than $10 billion of fines to resolve regulatory probes worldwide into currency manipulation.

The case is U.S. v. Aiyer, U.S. District Court, Southern District of New York, No. 18-cr-00333.

By Jonathan Stempel


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -3.55% 106.6 Delayed Quote.-38.48%
BNP PARIBAS -4.78% 31.375 Real-time Quote.-37.63%
JPMORGAN CHASE & CO. -1.89% 99.33 Delayed Quote.-25.53%
share with twitter share with LinkedIn share with facebook
Latest news "Companies"
04:59pCOSTAMARE : 3Q Earnings Snapshot
AQ
04:59pSAVMOBI TECHNOLOGY : 10-k/a - management's discussion and analysis of financial condition and results of operations
AQ
04:58pMKS INSTRUMENTS : 3Q Earnings Snapshot
AQ
04:58pVERITEX HOLDINGS : 3Q Earnings Snapshot
AQ
04:58pLYDALL : 3Q Earnings Snapshot
AQ
04:58pATHABASCA MINERALS : Jon McCreary Acquires Beneficial Ownership of Additional Securities of Athabasca Minerals Inc.
AQ
04:58pSKYLINE CHAMPION CORP : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
AQ
04:57pHUDSON BAY : HBC sues landlord of Yorkdale, Square One claiming failure to run 'first class' malls
AQ
04:57pDIME COMMUNITY BANCSHARES : Reports Strong Third Quarter 2020 Results
AQ
04:57pDime Community Bancshares, Inc. Reports Strong Third Quarter 2020 Results
GL
Latest news "Companies"