Ex-HSBC executive found guilty of fraud in $3.5b currency trade | The Daily Star
12:00 AM, October 26, 2017 / LAST MODIFIED: 12:00 AM, October 26, 2017

Ex-HSBC executive found guilty of fraud in $3.5b currency trade

A US jury on Monday found a former HSBC executive guilty of defrauding Cairn Energy in a $3.5 billion currency trade in 2011.

The verdict was read in federal court in Brooklyn, where Johnson was on trial for nearly four weeks.

US prosecutors have said that 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.

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