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Ex-JPMorgan Trader Objected To SDNY Zip Codes Now Gets 8 Months for ForEx Rigging

By Matthew Russell Lee, Patreon
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SDNY COURTHOUSE, Sept 17 – Akshay Aiyer, formerly of JPMorgan, was standing trial back in November 2019 for bid rigging and price fixing with regard to the Russian ruble and other currencies in violation of the Sherman Act.

    But somehow the prosecutors forgot, before closing their case, to prove venue: that acts occurred in the Southern District of New York.

   And so SDNY Judge John G. Koeltl on November 14, 2019 gave them a break to find a zip code map, and they did. Aiyer's lawyer Martin Klotz of Wilkie Farr said he did not object to Judge Koeltl taking judicial notice of the map. But he did object to the government re-opening its case to get the evidence in.

   Judge Koeltl overruled the objection, saying that it is within his sound discretion to allow the re-opening of the government's case particularly if there was, as here, no prejudice.

    Except that due to the government's omission, Aiyer might have gone free?

  His Rule 29 motion was denied by Judge Koeltl without prejudice to be renewed. In an oral ruling Judge Koeltl distinguished then-District Judge Walker's decision in APEX Oil; he rejected the argument that the trader was only trying to help his client.

  Price fixing and rig bidding, amended by Judge Koeltl to bid rigging, are per se violations of the Sherman Act.

   For the record, the zip codes entered into evidence were 10019, 10013 and 10167. Judge Koeltl went online to verify they are in Manhattan.

   Aiyer was convicted, and on September 17 appeared for sentencing with a guideline of 37 to 46 months. Judge Koeltl imposed a sentence of ... eight months. This is the SDNY.

The case is US v. Aiyer, 18-cr-333 (Koeltl).


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