US EditionFormer HSBC executive's fraud conviction thrown out by US appeals court
GREATER LONDON, ENGLAND, JUL 18 – Mark Johnson's 2017 fraud conviction was overturned after a key law used in his prosecution was invalidated, ending a nine-year legal battle over alleged currency manipulation.
- Former HSBC trader Mark Johnson had his fraud conviction overturned by a US appeal court after a nine-year struggle.
- Following his 2017 conviction, the ACI Financial Markets Association petitioned, arguing 'pre-hedging' is standard industry practice.
- On 19 July 2016, he was arrested at JFK Airport, and prosecutors alleged a $3.5bn sterling front-running scheme.
- Ms Shapiro said `We are delighted that justice has finally been achieved for Mark Johnson, after a nine-year ordeal`, the US Department of Justice withdrew the charges, and she stated the case never should have been brought.
- The congressional report Too Big to Jail, which revealed secret government intervention in 2012, underscores questions over prosecuting routine risk management methods.
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HSBC executive's fraud conviction voided by US appeals court
A U.S. appeals court on Thursday voided the 2017 fraud conviction of a former HSBC executive who spent two years in prison for "front-running" a British oil and gas exploration company's $3.5 billion currency trade.
Ex-HSBC FX Head Johnson Gets 2017 Fraud Conviction Tossed
A federal appeals court in New York threw out the 2017 fraud conviction of former HSBC Holdings Plc global foreign exchange head Mark Johnson, who served a two-year prison sentence for front-running a $3.5 billion client order.
Former HSBC executive's fraud conviction thrown out by US appeals court | MLex | Specialist news and analysis on legal risk and regulation
MLex Summary: The US Court of Appeals for the Second Circuit threw out former HSBC senior foreign exchange trader Mark Johnson's fraud conviction, finding that the government's case under a theory of misappropriation is "comparatively weak" and expressing "grave doubt" that the presentation to the jury of a now-invalid right to control theory was harmless.
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