Ex-HSBC Forex Chief’s Fraud Conviction Upheld By 2nd Circ.

Law360 (September 12, 2019, 11:13 AM EDT) -- The Second Circuit upheld the conviction of former HSBC foreign currency executive Mark Johnson on Thursday, saying there was enough evidence behind one of the prosecutors’ theories on how Johnson defrauded HSBC client Cairn Energy PLC in a $3.5 billion currency deal.

Johnson, a British national and former global head of HSBC's foreign exchange cash trading, was convicted in 2017 of wire fraud and conspiracy for what prosecutors described as a scheme to defraud Cairn via the bank’s purchase of British pounds sterling for the Scottish energy firm.

The scheme involved HSBC traders aggressively trading in sterling around the time the...

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