Sentencing of ex-JPMorgan FX trader gets rescheduled

Maria Nikolova

The sentencing of Akshay Aiyer is set for July 10, 2020.

The sentencing of Akshay Aiyer, former currency trader at JPMorgan convicted for his participation in an antitrust conspiracy to manipulate prices for emerging market currencies in the Forex market, has been rescheduled, according to a brief order signed today by Judge John G. Koeltl of the New York Southern District Court.

According to the order, the May 29, 2020 sentencing is adjourned to July 10, 2020 at 10:00am before Judge John G. Koeltl.

Let’s recall that, in November 2019, a jury found Akshay Aiyer guilty of knowingly entering into and participating in a conspiracy to fix prices and rig bids of currencies from Central and Eastern Europe, the Middle East, and Africa (CEEMEA currencies). He was found to have conspired with Christopher Cummins, Jason Katz, and Nicholas Williams to manipulate the FX market. They rigged bids to customers and coordinated their trading in the interdealer market to push price in their favor, and to the disadvantage of others in the market. The list of those affected includes pension funds, college savings funds, foundations, mutual funds, and retirement accounts.

Aiyer and the US Government have different views on the appropriate sentence. According to Aiyer, he should get a non-custodial sentence. The Government pushes for a prison sentence.

The United States Probation Office calculates the total offense level to be 21 and Aiyer’s Criminal History Category to be I. This results in a Guidelines sentence of 37–46 months of imprisonment, 1–3 years of supervised release, a fine of $20,000–$1,000,000, and a mandatory special assessment of $100. Because the applicable Guidelines range is in Zone D of the Sentencing Table, the defendant is ineligible for probation. The Government agrees with the Guidelines calculations.

In accordance with the Guidelines, the Court should impose a term of imprisonment of 37 to 46 months, a significant fine, and a mandatory special assessment, the Government says.

A term of imprisonment is seen by the Government as the appropriate way to hold Aiyer accountable for his criminal conduct and disregard for the rule of law. It is also seen as a way to serve to deter other traders driven by greed who may be tempted to cheat the system and follow in his footsteps.

Read this next

Technical Analysis

FTSE 100 Technical Analysis Report 16 April, 2024

FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.

Digital Assets

Cyprus keeps FTX EU license suspended until September

The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of FTX.com’s CIF license, which allowed the insolvent platform to operate throughout Europe, until September 30, 2024.

Metaverse Gaming NFT

Mon Protocol and Pixelverse Forge a Groundbreaking Partnership to Revolutionize Blockchain Gaming

Mon Protocol and Pixelverse make history in the annals of Blockchain gaming as they set up the architecture for the melding of their technologies.

Chainwire

Nimiq Pay Launch: A New Standard For Self-Custodial Crypto Payments

Nimiq, the blockchain ecosystem for payments that is designed to make cryptocurrency easy for everyone to use, has taken the first concrete steps towards its goal of becoming the world’s most widely-accepted digital asset for payments with the launch of Nimiq Pay.

Inside View, Interviews

Exclusive: GoMining’s Mark Zalan wants to democratize opportunities of Bitcoin halving

As the Bitcoin community counts down to the upcoming Bitcoin halving, Mark Zalan, CEO of GoMining, shared exclusive insights into how the company is gearing up for this pivotal event in the cryptocurrency world.

Digital Assets

Umoja Partners with Merlin Chain to Launch Revolutionary Bitcoin-Based Synthetic Dollar – USDb

Umoja, an innovative smart money protocol, has embarked on a strategic partnership with Merlin Chain, a leading Bitcoin Layer-2 network, to introduce USDb, the first Bitcoin-based, high-yield synthetic dollar.

Crypto Insider

Bybit Report Highlights Imminent Bitcoin Supply Shortage and Rising Scarcity Post-Halving

Bybit, recognized as one of the top three cryptocurrency exchanges globally in terms of trading volume, has recently published a comprehensive report highlighting the future supply constraints of Bitcoin.

blockdag

BlockDAG Outshines XRP Price Breakout and Uniswap Crypto Forecast with 20,000x ROI Potential and Teaser for Keynote on Moon

BlockDAG has become the latest sensation in the crypto world, which has taken the spotlight by storm, overshadowing even the most optimistic projections for XRP’s price breakout and Uniswap’s crypto forecast.

Digital Assets

Binance announces blockchain courses at European universities

“Education plays a pivotal role in advancing adoption and fostering opportunities as these technologies redefine our future and global economic landscape.”

<