Ex-JPMorgan Trader Found Guilty In U.S. Currency-Rigging Trial

He conspired from at least October 2010 to July 2013 to eliminate competition by fixing prices of and rigging bids…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

NEW YORK — A former foreign exchange trader at JPMorgan Chase & Co. was found guilty Wednesday of conspiring to rig trades for his own benefit.

Akshay Aiyer was convicted of one count of conspiracy by a jury in federal court in Manhattan, court records show. He is scheduled to be sentenced on April 3.

“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,” said Assistant Attorney General Makan Delrahim, of the U.S. Department of Justice, said in a statement.

A lawyer for Aiyer could not immediately be reached for comment.Aiyer, who lives in New York, was indicted in May 2018. Prosecutors said he conspired from at least October 2010 to July 2013 to eliminate competition by fixing prices of and rigging bids for Central and Eastern European, Middle Eastern, and African currencies.

Aiyer was at least the sixth person charged in Manhattan federal court in connection with a wide-ranging U.S. probe into currency manipulation by major banks.

Barclays Plc, BNP Paribas SA, Citigroup Inc, JPMorgan, Royal Bank of Scotland Group Plc, and UBS Group AG have entered related guilty pleas, and been collectively fined more than $2.8 billion. …

… For the remainder of the report:

https://www.reuters.com/article/us-forex-manipulation/ex-jpmorgan-trader…

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