Ex-JPMorgan Trader Gets 8 Months in Prison for Bid-Rigging
- Akshay Aiyer was found guilty in November in currency scheme
- The sentence was lower than that given to HSBC’s Mark Johnson
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A former JPMorgan Chase & Co. trader was sentenced to eight months in prison for his role in a foreign-exchange bid-rigging scheme, the second person convicted at trial in a sweeping government crackdown.
Akshay Aiyer was sentenced Wednesday by U.S. District Judge John Koeltl in Manhattan. Aiyer was found guilty last November of conspiring with traders at other banks in chat rooms, on telephone calls and at social gatherings to coordinate bids and fix prices of African, European and Middle Eastern currencies while leading customers to believe they were competing with each other.