Ex-HSBC Trader Convicted of Wire Fraud, Running Up Client Fees
Mark Johnson milked a $3.5 billion currency trade.
Brendan McDermid/Reuters
A former HSBC trader was convicted on conspiracy and wire fraud charges for intentionally driving up client fees. The ex-trader, Mark Johnson of the United Kingdom, faces up to 20 years in federal prison. In particular, a client was charged an extra $8 million on a $3.5 billion deal. Johnson was arrested in July 2016 at JFK International Airport in New York as he was about to board a flight out of the U.S.
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