Former JPMorgan Trader Must Serve 8 Months for Price-Fixing Scheme
This article is for subscribers only.
A former JPMorgan Chase & Co. currency trader must spend eight months behind bars after a federal appeals court on Monday refused to overturn his sentence for plotting to manipulate European, Middle Eastern and African currencies.
A New York jury in 2019 convicted Akshay Aiyer of conspiring with traders at other banks to rig bids and fix prices in currency markets, and he was sentenced in 2020. His lawyers appealed, claiming the judge failed to consider evidence showing that the illegal trading lacked anticompetitive effects.