Former Boss of HSBC Jailed For Two years in New York For Fraud

By Barry Caruth (Flickr) via Wikimedia Commons

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.