US Govt pushes for prison sentence for ex-JPMorgan FX trader

Maria Nikolova

Akshay Aiyer has expressed no remorse or regret for his conduct and the effect it had on his customers and counterparties, the US Government argues in its sentencing submission.

Shortly after 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, asked for a non-custodial sentence in his case, the United States Government has filed a sentencing submission with the New York Southern District Court.

The document, submitted at the Court on April 17, 2020, and seen by FinanceFeeds, calls for a prison sentence for Aiyer.

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.

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.

In arguing in favor of the proposed sentence, the Government notes that by the age of 30, Aiyer was a millionaire with a lucrative finance job and a vacation home in Martha’s Vineyard – but that was not enough.

“Defendant’s greed and arrogance drove him to cheat others in order to make even more money for himself. To date, Defendant has expressed no remorse or regret for his conduct and the effect it had on his customers and counterparties”, the Government says.

“Indeed, neither in his lengthy submission nor in the letters attached thereto is there any indication that Defendant has acknowledged that he made any mistakes as a trader”, the Government stresses.

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. According to the Government, in order to hold the defendant fully accountable for his conduct, his sentence should also take into account his conduct related to fake trades and spoofing. This conduct demonstrates the nature of the relationship between defendant and his co-conspirators, as well as his knowledge of, intent to effect, the object of the conspiracy.

The Government is not seeking restitution from Aiyer himself. This is not because no one was injured by his crime or that restitution is unimportant but because the government believes that victims of the defendant’s conduct will be fairly compensated elsewhere, through civil causes of action against the employer banks. In addition, calculation of restitution would be impracticable and would impose a burden on the government and the Court, which would unnecessarily prolong sentencing.

Read this next

blockdag

BlockDAG’s Impressive 30,000x ROI Potential and Moon-Based Keynote Captivate Solana And Bitcoin Cash Crypto Investors

Discover BlockDAG’s impressive moon keynote launch and its promise of a 30,000x ROI that is drawing investors from Solana and Bitcoin Cash.

Market News

This is it, the USD Strength has Come to an End

In the aftermath of Israel’s retaliatory strikes in Iran, the currency markets have entered a phase of heightened volatility, reflecting the intricate interplay between geopolitical tensions and economic fundamentals.

blockdag

BlockDAG Leads DeFi Innovation with $19M Presale, Overshadowing Cardano and Binance Coin With 30,000x ROI and DAG Structure

Learn about BlockDAG’s growth in its presale, surpassing $19M, and its impact on the DeFi landscape, overshadowing movements in Cardano and Binance Coin (BNB).

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

<