Former HSBC Executive Mark Johnson Found Guilty of Fraud in $3.5 Billion Currency Trade

A U.S. jury on Monday found a former HSBC Holdings hsea executive guilty of defrauding Cairn Energy crnzf in a $3.5 billion currency trade in 2011.

U.S. prosecutors have said that Mark Johnson, formerly head of HSBC's global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing a trade for Cairn, making millions for HSBC at Cairn’s expense.

“They’ve convicted an...

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