Saturday 25 January 2020

Former HSBC boss jailed for two years in New York for fraud

Mark Johnson, 51, was sentenced in Brooklyn federal court.

Gender pay gap
Gender pay gap

By Associated Press Reporter

The former head of HSBC Bank’s foreign exchange cash trading has been sentenced in New York to two years in prison for a scheme that defrauded a client out of millions of dollars.

Mark Johnson was sentenced in Brooklyn federal court on Thursday after being convicted in October 2017 of wire fraud conspiracy and wire fraud.

The 51-year-old UK citizen must also pay a $300,000 (£215,000) fine.

Prosecutors say Johnson and a co-defendant from the UK corruptly manipulated the foreign exchange market. The co-defendant is in the UK fighting extradition.

Authorities say the men generated over $7 million (£5m) from a single 2011 transaction, some of it illegally. During his trial, Johnson insisted the client got a “fair” price.

The bank was not accused of any wrongdoing.

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