Ex-HSBC Exec Tells 2nd Circ. $3.5B Forex Deal Was No Fraud

By Stewart Bishop (May 31, 2019, 9:11 PM EDT) -- An attorney for former HSBC foreign currency exchange executive Mark Johnson on Friday asked the Second Circuit to overturn his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, saying it wrongly criminalizes an arm's-length transaction between two sophisticated parties.

A former HSBC executive convicted in 2017 of wire fraud and conspiracy wants a New York court to overturn his conviction for defrauding a British oil and gas company. (AP) Johnson, a U.K. national and former global head of forex spot trading for HSBC, was convicted in 2017 of wire fraud and conspiracy for front-running Cairn's dollars-for-sterling deal worth $3.5 billion...

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