Ex-HSBC trader charges are 'a government mistake'

Fraud charges against a former HSBC foreign-exchange trader are "a governmental mistake," his lawyer said, calling his actions "consistent with standard practice" in the currency market.

Bloomberg News reports that U.S. prosecutors claim the trader used his "expert" skills to turn a large customer currency order into a multimillion-dollar profit for the bank.

Mark Johnson, 51, was assigned to conduct a $3.5 billion currency transaction, and used knowledge of the order to reap $8 million for the bank, prosecutors say. He is accused of wire fraud and conspiracy for manipulating the pound to take advantage of inside information about client Cairn Energy Plc’s plans to sell part of its stake in an Indian subsidiary and convert the proceeds from dollars into pounds. Johnson, who no longer works for the bank, denies wrongdoing.

Hit the link below to access the complete Bloomberg News article:

HSBC Currency Trader's ‘Expert’ Skills Used in Fraud, U.S. Says

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