Feds Want 7-Year Prison Term For Ex-HSBC Forex Banker

By Stewart Bishop (April 6, 2018, 5:41 PM EDT) -- Prosecutors on Thursday asked a New York federal judge to sentence former HSBC foreign currency exchange executive Mark Johnson to seven years in prison, saying he was the ringleader of a con that defrauded Cairn Energy PLC by front-running a $3.5 billion currency swap in order to make millions of dollars for the bank at the expense of the Scottish oil and gas developer.

Johnson in October was convicted of eight counts of wire fraud and one conspiracy charge following a roughly monthlong trial before U.S. District Judge Nicholas Garaufis in Brooklyn. The government contends that Johnson and former HSBC forex...

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