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Ex-JPMorgan trader sentenced to prison for currency rigging; CEO Jamie Dimon remains free
By Jonathan Stempel
Thursday, September 17, 2020
NEW YORK -- A former JPMorgan Chase & Co. foreign exchange trader was sentenced today to eight months in prison, following his November 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.
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Prosecutors had sought up to 46 months in prison, while the defendant sought probation.
Aiyer was charged with colluding with other traders from October 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. ...
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