A federal jury in Brooklyn has found a former high-ranking HSBC executive guilty on charges that he misused information about a client’s $3.5bn currency trade to make millions of dollars for the bank, The Wall Street Journal reports.
Mark Johnson, HSBC’s former global head of foreign-exchange cash trading, was the first banker to face criminal charges stemming from a US Justice Department probe into foreign exchange rate manipulations. He was convicted on eight counts of wire fraud and one count of wire-fraud conspiracy; he was acquitted on a ninth wire-fraud count.
