trending Market Intelligence /marketintelligence/en/news-insights/trending/C14Bnihz1I-aPLXR2QlJWQ2 content esgSubNav
In This List

US appeals court upholds ex-HSBC trader's prison sentence in $3.5B FX fraud case

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


US appeals court upholds ex-HSBC trader's prison sentence in $3.5B FX fraud case

The 2nd U.S. Circuit Court of Appeals in Manhattan upheld the two-year prison sentence of HSBC Holdings PLC's former head of global foreign exchange cash trading, Mark Johnson, for defrauding client Cairn Energy in a $3.5 billion currency transaction in 2011, Reuters reported.

The court's three-judge panel unanimously ruled that the jury had sufficient evidence to find that Johnson withheld material information from the British oil and gas company. Johnson was convicted in October 2017 of nine fraud counts arising from the currency transaction and later sentenced to two years in prison in April 2018.

Johnson was first charged in July 2016 by the U.S. Justice Department along with HSBC's former foreign-exchange trader Stuart Scott over the matter.