Mark Johnson guilty: Former HSBC banker convicted in $3.5m fraud case

Mark Johnson, who formerly headed up the bank's head of global cash foreign exchange trading, was found to have orchestrated a scheme to ramp up the price of sterling ahead of a trade for the firm, raking in millions for HSBC.

The US is seeking to extradite another United Kingdom banker, Stuart Scott, in the case. According to filings from July, it is now in settlement talks with regulators over currency trading.

The verdict on Monday followed a month-long trial.

As he left the court, Johnson's lawyer, John Wing, told reporters, "They've convicted an innocent man".

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According to court filings, Cairn hired HSBC in 2011 to convert $3.5bn into pounds in connection with the sale of an Indian subsidiary.

Prosecutors used cooperating witnesses and the bank's recordings of Mr. Johnson's phone calls to argue he and others had conspired to use the client's confidential information to make money for HSBC and secure larger bonuses.

Johnson, 51, was found guilty on nine of 10 counts of conspiracy and wire fraud by a jury in Brooklyn federal court after a four-week trial. He will be sentenced at a later date.

When Cairn noticed the rising price of the pound that day, another HSBC employee blamed it on purchases by a "Russian buyer", according to evidence presented at trial. A lawyer for Mr. Scott couldn't immediately be reached for comment.

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HSBC, which was not charged in this case, declined to comment.

Earlier in October, the U.S. Federal Reserve fined HSBC $175 million for failing to adequately supervise its foreign-exchange trading business, citing the alleged conduct by Messrs.

At the same time Johnson was charged with the crime a year ago, Stuart Scott, another former HSBC trader who lives in the United Kingdom, was also charged.

Johnson, a United Kingdom citizen and resident of both the USA and United Kingdom, was arrested at JFK International Airport in New York July 2016 as he prepared to leave the country.

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