HSBC Currency Trader's ‘Expert’ Skills Used in Fraud, U.S. Says
- Mark Johnson’s lawyer says Cairn agreed to details of trade
- Prosecutors say he schemed with colleagues to make $8 million
Mark Johnson, center, exits federal court in the Brooklyn borough of New York, on Sept. 18, 2017.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Fraud charges against a former HSBC Holdings Plc foreign-exchange trader are "a governmental mistake," his lawyer said, calling his actions "consistent with standard practice" in the currency market.
U.S. prosecutors claim the trader used his "expert" skills to turn a large customer currency order into a multimillion-dollar profit for the bank.