Ex-HSBC forex trader convicted of fraud

The former HSBC banker on trial in a landmark “front-running” case has been found guilty of defrauding Cairn Energy over a $3.5bn currency deal.

Mark Johnson, who was the bank’s head of global cash foreign exchange trading, was found guilty on nine counts, according to a spokesman for the US attorney’s office for the Eastern District of New York. He was found not guilty on one other count.

The decision came after just two-and-a-half days of deliberation by the jury in the giant Brooklyn courthouse, 20 miles from where Johnson was first arrested at the John F Kennedy Airport.

The verdict is a boon to the US Department of Justice, which is seeking the extradition from the UK of Johnson’s former colleague and alleged co-conspirator, Stuart Scott.

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