Akshay Aiyer, a former FX trader at JP Morgan in New York, has been sentenced to serve eight months in jail and ordered to pay a $150,000 criminal fine for his participation in an antitrust conspiracy to manipulate prices for emerging market currencies in the FX market. Aiyer was found guilty late last year by […]
Tag: Jason Katz
Former JP Morgan FX trader Akshay Aiyer has been found guilty by a New York jury of price fixing relating to his activities in various Bloomberg chatrooms in which he colluded with other traders to manipulate markets, prices and spreads to clients, according to a report by Law360. The jury convicted Aiyer after a short […]
A second New York-based FX trader has pleaded guilty to colluding to manipulate markets.
Chris Cummins, a former emerging markets trader for Citi in New York, pleaded guilty to misconduct between approximately January 2007 and July 2013, according to the US Department of Justice. Earlier this month, Jason Katz, a former EM trader at a number of banks accepted guilt over the same charges.
Last week the DoJ also indicted three members of the Cartel chatroom on similar charges and is expected to commence extradition proceedings soon as it ramps up its efforts to bring individuals to justice over the FX manipulation scandal.