Ex-HSBC FX Trader Found Guilty of Rigging $3.5 Billion Deal

A former HSBC banker facing charges of fraudulently rigging a multi-billion dollar currency exchange deal was today convicted of fraud in a New York court.

Mark Johnson, a British citizen and former HSBC’s global head of foreign exchange trading, was accused of defrauding Scottish oil and gas developer Cairn Energy PLC by front running its currency exchange order.

A second Briton, Stuart Scott, who left HSBC in 2014, was named alongside Johnson as accused of the same crimes.

According to documents filed in the eastern district court of New York, Johnson and Scott are alleged to have made $3 million profit by trading currencies in advance of a client buying $3.5 billion worth of UK pounds in 2011. The client was the London-listed exploration company Cairn Energy, which was selling on of its foreign subsidiaries in India.

Source: FinanceMagnates

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