Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud
Former HSBC FX trader, Mark Johnson had been convicted of fraud for $3.5 billion of currency trades in 2011. He was found guilty of defrauding a client named Cairn Energy. Prosecutors said Johnson, FX trader at HSBC, schemed to increase the price of British pounds before trading for Cairn to make millions of profit for HSBC at Cairn’s expense.
“Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud”
Mark Johnson had spent three days on the witness stands, in his own defense, and became the first person to be charged by the US Justice Department for FX-rigging offences. This conviction was concluded after a three-year probe into foreign-exchange rigging practices in global financial institutions.
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