2nd Circ. Fraud Decision Offers Lessons For FX Dealers

Law360 (November 27, 2019, 2:49 PM EST) -- When former HSBC Holdings PLC foreign exchange trading head Mark Johnson was indicted for wire fraud and conspiracy in 2016, and throughout his four-week trial in 2017, the government’s main theory of liability grew out of his alleged breach of duty to a large institutional client.

The prosecution charged that Johnson violated a confidentiality obligation he owed that client by misappropriating its FX order information for the purpose of trading ahead of it in the firm’s proprietary account and generating secret profits.[1]

So following Johnson’s conviction on these charges in the U.S. District Court for the Eastern District of New York,...

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