Ex-JPMorgan Trader on Trial for Rigging Denies FX Scheme

From bnnbloomberg.ca

A lawyer for a former JPMorgan Chase & Co. trader on trial for scheming to rig foreign currencies slammed the government’s case, telling jurors that prosecutors are unfairly simplifying the market. Akshay Aiyer is accused of working with other traders to eliminate competition and boost their banks’ profit by fixing prices and rigging bids and offers for African, European and Middle Eastern currencies, including the South African rand, the Russian ruble and the Turkish lira. Joceyln Sher, his lawyer, said in opening statements on Thursday that the government’s case is based on “highly flawed and seriously ... (full story)