U.S. court upholds ex-HSBC executive's conviction for foreign-exchange scheme [Reuters (UK)]
CAPRICORN ENERGY UNSP/ADR (CRNCY)
NASDAQ:AMEX Investor Relations:
cairnenergy.com/investors
Company Research
Source: Reuters
U.S. court upholds ex-HSBC executive's conviction for foreign-exchange scheme - Reuters 3 Min Read NEW YORK (Reuters) - A U.S. appeals court on Thursday upheld the conviction of a former HSBC Holdings Plc ( HSBA.L ) executive who was sentenced to two years in prison for defrauding Cairn Energy Plc ( CNE.L ) in a $3.5 billion currency trade. A unanimous three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan ruled that a jury had enough evidence to find that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, withheld material information from Cairn. A lawyer for Johnson could not immediately be reached for comment. A spokesman for the prosecutors declined to comment. Johnson, a British citizen, was convicted of fraud in October 2017 in a federal court in the New York City borough of Brooklyn after a nearly four-week trial. He was the first banker to be tried in the United States as a result of worldwide investigations of the multitrilli
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