Johnson loses appeal in HSBC frontrunning case

Case relates to $3.5 billion fixing transaction that HSBC executed on behalf of Cairn Energy

Mark Johnson at HSBC
Mark Johnson: convicted in October 2017 of wire fraud and conspiracy

Mark Johnson, a former global head of foreign exchange cash trading at HSBC, lost his appeal today (September 12), after the appeals court in New York issued an opinion affirming the lower court’s decision. 

“We conclude that there was sufficient evidence to convict Johnson on the right to control theory because a reasonable jury could conclude that his misrepresentations to Cairn related to the price of the transaction and were capable of influencing Cairn’s decision-making,” a decision by the

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