Oct 23, 2017

Former HSBC banker found guilty of fraud in the US

A US jury has found a former HSBC executive from the UK guilty of defrauding Cairn Energy in a 2011 currency trade. Prosecutors said Mark Johnson made millions at Cairn's expense through a scheme to increase the price of sterling before a planned Cairn deal. Mr Johnson, the former head of HSBC's global foreign exchange cash trading, was arrested in New York last year. Prosecutors said Cairn, an oil and gas company listed in the UK, selected HSBC in 2011 to handle the conversion into sterling of $3.5bn in proceeds from the sale of one of its subsidiaries. HSBC, which was not charged in this case, declined to comment.

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