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.
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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