New York Business Journal
Date: October 24, 2017
By Anthony Noto – Reporter, New York Business Journal
A former top HSBC banker has been found guilty of fraud in a $3.5 billion currency
Mark Johnson, former head of global foreign exchange for HSBC Holdings Plc, exits federal court in the Brooklyn borough of New York Sept. 18. Johnson, the first banker to go on trial following a crackdown on currency-market rigging, is accused of defrauding Cairn Energy Plc and… more PHOTOGRAPHER: MARK KAUZLARICH/BLOOMBERG
deal, according to the Department of Justice.
Mark Johnson, the London-based bank’s head of global cash foreign exchange trading, faces up to 20 years in prison after he was found guilty on nine counts and not guilty on one other count.
“This verdict makes clear that the defendant corruptly manipulated the foreign exchange market for the benefit of his bank and his bonus pool, to the detriment of the bank’s client,” said Acting Assistant Attorney General Blanco. “This case demonstrates the Criminal Division’s commitment to protecting the financial system from harm, and holding corporate executives, including at the world’s largest and most sophisticated financial institutions, responsible for their crimes.”
Johnson was arrested at John F. Kennedy Airport in July by federal agents just as he was about to board a plane. His verdict came after two days of deliberation in a Brooklyn courthouse. [FULL STORY]
