Former JPMorgan trader found guilty of rigging currency trades
21.11.2019 - Kulakov Vladimir
Former JPMorgan trader found guilty of rigging currency trades

A former forex (foreign exchange) trader of JPMorgan Chase & Co was found guilty of conspiracy and rigging trades for personal benefit.

Court records showed that ex-trader Akshay Aiyer was convicted of one count of conspiracy and is scheduled to be sentenced on April 3 in Manhattan.

“This conviction serves as a reminder of our commitment to hold individuals responsible for their involvement in complex financial schemes which violate the integrity of the global financial markets,” US Department of Justice Assistant Attorney General Makan Delrahim said.

Aiyer, whose current residence is New York City, was indicted in May of 2018. Prosecutors found that Aiyer conspired from October 2010 to July 2013 to lessen competition by rigging bids and changing prices of African, Middle Eastern, and Central and Eastern European currencies.

Aiyer was the sixth person charged in Manhattan federal court in the grounds of currency manipulation as part of the US-wide probe.

Many banks in the US, such as BNP Paribas SA, Barclays Plc, Citigroup Inc, UBS Group AG, and Royal Bank of Scotland Group Plc have plead guilty. Collectively, these banks have been fined for over $2.8 billion.

Prosecutors said that in an effort to coordinate trading and increase profit, Aiyer and his co-conspirators swapped trading positions, customer information, pricing of customer orders via chat rooms, text messages, and phone calls.

The co-conspirators included former traders Christopher Cummins, who worked at Citigroup and Jason Katz, who worked at Barclays and BNP Paribas. The two pleaded guilty to conspiracy charges and cooperated with prosecutors in 2017.  

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue