DoJ Indicts Another FX Trader on Price-rigging Conspiracy Charges

Akshay Ayier, who worked at JPMorgan in New York between 2006 and 2013, is alleged to have been a major player in a group of “dozens of traders” who used code names and language within various internet chatrooms, on text messaging platforms and in phone calls (not unlike the 'Cartel" traders) to actively conspire with intent to rig foreign-currency markets.

Ayier has now been indicted by the US Department of Justice for allegedly conspiring to manipulate prices in the currency markets, a charge that carries a maximum penalty of 10 years in prison and a $1 million fine.

Three former U.K. traders were indicted last year with conspiring to rig markets using an electronic chat room known as “The Cartel” for similar activity. A one-time UBS Group AG trader who was also a member of The Cartel, Matt Gardiner, has been helping prosecutors build cases against others involved.