March 20, 2018
Federal prosecutors on Monday defended a presentence investigation report following the conviction of a former HSBC executive for defrauding client Cairn Energy PLC, disputing Mark Johnson's objections and definitively saying Cairn suffered a loss after a billion-dollar currency exchange.
October 26, 2017
Former HSBC foreign exchange trader Stuart Scott said Thursday he will appeal a London judge's ruling ordering him to face charges in New York alleging he and a colleague defrauded bank client Cairn Energy PLC by trading ahead of a $3.5 billion foreign currency exchange the Scottish oil and gas developer planned.
October 23, 2017
A Brooklyn federal jury on Monday convicted former HSBC executive Mark Johnson of defrauding bank client Cairn Energy PLC by scheming to trade ahead of a $3.5 billion foreign currency exchange the Scottish oil and gas developer planned and ramping up the price of British pounds sterling.
October 19, 2017
Jury deliberations began Thursday in the trial of ex-HSBC foreign exchange executive Mark Johnson over claims he defrauded Scottish oil and gas developer Cairn Energy PLC via a $3.5 billion forex deal, with questions about Johnson's and a cooperating witness' testimony coming up late in the day.
October 18, 2017
In a closing argument that lasted 5 1/2 hours, counsel for former former HSBC foreign currency exchange executive Mark Johnson told a Brooklyn federal jury Wednesday that Johnson, despite defrauding Cairn Energy through a $3.5 billion forex deal, is a good man, an innocent man incapable of committing fraud and, for good measure, there was no fraud.
October 17, 2017
The U.S. Department of Justice gave closing arguments Tuesday in the trial of former HSBC foreign currency exchange executive Mark Johnson, asking a jury in Brooklyn why, if Johnson is not guilty of defrauding Cairn Energy through a $3.5 billion forex deal, is he talking on the phone like a guilty man.
October 16, 2017
Former HSBC foreign currency exchange executive Mark Johnson on Monday denied being part of a conspiracy to defraud HSBC client Cairn Energy PLC by ramping up the price for British pounds sterling ahead of a $3.5 billion forex deal.
October 12, 2017
A former HSBC foreign currency exchange executive took the witness stand in his own defense for a second day on Thursday in Brooklyn federal court, giving jurors his own version of events surrounding a $3.5 billion forex deal for oil and gas developer Cairn Energy PLC that prosecutors claim was fraudulent.
October 11, 2017
A former HSBC foreign exchange executive took the witness stand Wednesday at his trial over claims that he used a $3.5 billion forex transaction to enrich the bank at the expense of Scottish oil and gas developer Cairn Energy PLC, telling a New York federal jury that there was nothing improper about the execution of the deal.
October 10, 2017
The former head of foreign exchange trading for Deutsche Bank told the New York federal jury weighing the criminal case against an ex-HSBC executive Tuesday that "pre-hedging," or making some of a large currency purchase in advance, is a standard practice that can be beneficial to the buyer because it keeps the price down.