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Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud

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.

Source: Fortune, BBC News, International Business Times, CNBC

 

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About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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