Forex Trader Tells NY Jury 'Immature' Chats Aren't Criminal

Law360, New York (October 31, 2019, 5:13 PM EDT) -- The federal government's foreign currency price-fixing case against onetime JPMorgan trader Akshay Aiyer is based on cherry-picked, "immature" chats that are embarrassing but not criminal, his lawyer told a Manhattan jury Thursday, calling prosecutors' theory of criminality "simplistic."

Aiyer, who is charged with a count of conspiring to restrain trade in forex markets in violation of the Sherman Act, made his pitch for a not guilty verdict during afternoon opening statements at a trial before U.S. District Judge John G. Koeltl that's expected to last about four weeks.

Prosecutors say Aiyer schemed with other traders including two cooperating witnesses — Jason...

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