What To Expect In Forex Fraud Trial Of Ex-HSBC Exec
Scott SchirickSeptember 22, 2017, 5:27 PM EDT
Law360, New York (September 22, 2017, 5:27 PM EDT) -- Currency traders worldwide will be watching Monday as opening statements begin in the unprecedented criminal fraud trial of HSBC’s former global head of foreign exchange (forex) spot trading, Mark Johnson. In the first prosecution of its kind, the government seeks to criminalize “front-running” in the spot forex market, conduct which the defense has characterized as “common practice” in the industry, and which has long been prohibited in the securities markets.
Prosecutions or enforcement actions against individual forex traders are rare, perhaps because the U.S. spot forex...