HSBC Executive Sentenced To Prison Over Fraud
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2018-04-27 HKT 05:13
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The US Justice Department said on Thursday that the former global head of cash currency trading at HSBC has been sentenced to two years in prison for defrauding a client out of millions of dollars.
British national Mark Johnson also will pay a US$300,000 fine following his October conviction on nine wire fraud and conspiracy charges.
Prosecutors accused Mr Johnson of using confidential information from a client in late 2011 to purchase British pounds for HSBC, pushing up the price before executing a US$3.5 billion transaction for the client.
The Justice Department says Johnson and HSBC traders generated US$7.3 million in profits for the bank at the expense of the unidentified client. (AFP)
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