On May 10, 2018, officials announced that a federal grand jury returned an indictment against a former currency trader at a large U.S. bank for his alleged role in a conspiracy to manipulate foreign currency prices. Akshay Aiyer is accused of participating in a conspiracy with other New York based traders who worked for rival institutions to fix prices and suppress competition in the markets for Central and Eastern European, Middle Eastern, and African (“CEEMEA”) currencies between at least October 2010 and July 2013. Aiyer, who has been charged with one count of conspiracy to restrain trade, is alleged to have exchanged information regarding trading positions, pricing, and customer orders with counterparts at other banks, which he and his co-conspirators allegedly used to help coordinate their trading in CEEMEA currencies. The indictment, which was filed in U.S. District Court for the Southern District of New York, follows related guilty pleas and indictments of several other former traders in January 2017 in connection with the alleged scheme. Officials noted in their announcement of Aiyer’s indictment that DOJ also previously charged and reached criminal resolutions with six large banks in connection with the ongoing investigation into antitrust and fraud-related crimes in the foreign exchange market.
United States v. Aiyer, 18-cr-00333 (S.D.N.Y.)