In New York, the former head of the foreign exchange cash trading of HSBC Bank has been sentenced to two years of jail time for a scheme that is said to have defrauded a client out of millions of dollars.
On Thursday, Mark Johnson was sentenced in a federal court in Brooklyn after being convicted last October 2017 of wire fraud and wire fraud conspiracy.
Johnson is a citizen of the United Kingdom and is 51 years old. He was also made to pay a fine amounting to $300,000 (£215,000).
The Prosecutors say that Johnson and another co-defendant from the United Kingdom were able to corruptly manipulate the foreign exchange market. The co-defendant is currently in the United Kingdom and is fighting extradition.
Authorities say that the men generated more than $7 million (£5m) from a single transaction in 2011, some of it was made illegally. During his trial, Johnson argued the client received a “fair” price.
However, HSBC bank was not accused of any wrongdoing and was cleared of any charges.