Ex-HSBC Trader’s Guilt Casts Shadow Over Colleague’s Extradition
- Mark Johnson front-running conviction pressures Stuart Scott
- Scott awaiting judgment Thursday on extradition to U.S.
Ex-HSBC FX Trader Convicted of Fraud
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The fraud conviction of a former HSBC Holdings Plc executive by a U.S. jury may be a harbinger of what’s to come for London colleague Stuart Scott, as a judge prepares to rule on his extradition to face the same charges this week.
Mark Johnson was found guilty on nine of 10 fraud and conspiracy counts Monday after a month-long trial in Brooklyn, New York. He was accused, along with Scott, of front-running a $3.5 billion order from Cairn Energy Plc in 2011 that made the bank $8 million in profit. The verdict comes as Scott, 45, awaits a decision Thursday on whether he will be sent to the U.S.