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Analysis

HSBC Exec Conviction A Cautionary Tale To Forex Market

Law360, New York (October 24, 2017, 10:58 PM EDT) -- The conviction of former HSBC foreign currency exchange executive Mark Johnson on fraud and conspiracy charges over his handling of a $3.5 billion currency swap for Cairn Energy PLC has put banks around the world on notice about front-running forex deals, but it leaves unanswered questions about where to draw the line.

Johnson, 51, was convicted by a Brooklyn federal jury of eight counts of wire fraud and one conspiracy count on Monday following a nearly monthlong trial. He and 45-year-old former HSBC trader Stuart Scott were accused of leading a scheme to front-run a deal to swap $3.5 billion of the Scottish...

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