We’re really cleaning house now! Stand by for the Hammer of Justice to drop on surely more market riggers in the 787,936 sealed indictments!
(by Half Dollar) Justice has been served.
Well, a sorry excuse for it anyway.
From Reuters (bold added for emphasis and commentary):
NEW YORK (Reuters) – A former JPMorgan Chase & Co JPM.N 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.
So the dude was convicted almost a year ago, for years worth of market rigging, and he gets a slap on the wrist, which, if somebody wants to go down the rabbit hole, which I do not, because, let’s face it, I wouldn’t be able to hold down my breakfast, he’ll probably get some sort of “house arrest” or something like that because, well, you know: Covid-1984.
The only way to get any real justice is to starve the beast, which means not participating in the financial “markets”, but since people are greedy and they come up with all sorts of lame excuses, and since nobody is willing to sacrifice even the tiniest bit of “market” participation in the short-run for free markets in the long run, this crap will continue, not until it won’t, but until we’ve totally destroyed ourselves and our nation from within fighting each other for the very last crumb.