HSBC Trader’s Conviction Will Echo in $5 Trillion FX Market
- ‘Lesson to senior executives:’ invest in more ethics training
- Mark Johnson found guilty of fraud after four-week trial
Ex-HSBC FX Trader Convicted of Fraud
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Global currency traders and compliance officers who monitor them were put on high alert after a New York jury convicted a former HSBC Holdings Plc executive of fraud for front-running a large client order.
The verdict is a victory for U.S. prosecutors in their first attempt to hold individuals accountable since a global currency-rigging probe that led to banks paying more than $10 billion in penalties. Mark Johnson faces a maximum sentence of 20 years in prison, although he’s likely to get much less.