According to court records, from around April 2018 to May 2019, Jeyakumar Nadarajah, aged 39, held a position as a director at a bank in New York. He was responsible for overseeing the trading of U.S. Treasuries and was allegedly involved in a deceptive scheme in the secondary market for these securities.
A Wall Street bond trader has been indicted by a federal grand jury in Newark, New Jersey, for allegedly manipulating the U.S. Treasuries market.
“Securities fraud and manipulation, as alleged here, victimize investors and degrade the integrity of our public securities markets,” said Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division. “The department will continue to protect our financial systems and investors by holding accountable those who violate our securities laws.”
According to court records, from around April 2018 to May 2019, Jeyakumar Nadarajah, aged 39, held a position as a director at a bank in New York. He was responsible for overseeing the trading of U.S. Treasuries and was allegedly involved in a deceptive scheme in the secondary market for these securities. Nadarajah is accused of employing a strategy known as spoofing and layering, which entailed placing orders that he had no intention of executing. The purpose of this scheme was to create a false impression of supply and demand, thereby misleading other market participants into trading at prices, quantities, and times that they would not have otherwise chosen.
“There’s money to be made in the financial markets. And if there’s money to be made, it means that fraudsters are right there looking to take advantage of other market participants,” said Inspector in Charge Eric Shen of U.S. Postal Inspection Service (USPIS) Criminal Investigations Group. “Whether it’s a simple investment scam or a complex scheme like the one Mr. Nadarajah allegedly tried to pull off, Postal Inspectors are there to bring the scammers to justice.”
Nadarajah has been accused of committing two instances of wire fraud, seven instances of securities fraud, and seven instances of securities manipulation. If found guilty, he could potentially be sentenced to a maximum of 20 years in prison for each count of wire fraud, securities fraud, and securities manipulation.
The case is currently under investigation by the US Postal Inspection Service (USPIS).
The prosecution of this case is being handled by Assistant Chief Scott Armstrong and Trial Attorney John J. Liolos from the Criminal Division’s Fraud Section.
It is important to note that an indictment is simply an accusation and does not imply guilt. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
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