US: Former HSBC banker found guilty of fraud 
24 Oct 2017

A US jury has found a former HSBC executive from the UK guilty of defrauding client Cairn Energy in a 2011 currency trade.

Prosecutors said Mark Johnson schemed to increase the price of sterling before converting $3.5bn into pounds for Cairn, benefiting HSBC.

Mr Johnson, the former head of HSBC’s global foreign exchange cash trading, was arrested in New York last year.

The US is seeking to extradite another UK banker, Stuart Scott, in the case.

The lawsuit is related to a wider investigation into global currency markets.

While banks have admitted to manipulating foreign currency markets, this suit was the first in the US to target individuals.

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