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A former HSBC executive has been found guilty of fraud in a $3.5 billion currency trade

NEW YORK (Reuters) – A U.S. jury on Monday found a former HSBC Holdings Plc executive guilty of defrauding Cairn Energy Plc in a $3.5 billion currency trade in 2011.

The verdict was read in federal court in Brooklyn, where Johnson was on trial for nearly four weeks.

U.S. prosecutors have said that Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing a trade for Cairn, making millions for HSBC at Cairn’s expense.

(Reporting By Brendan Pierson in New York)

SOURCE: KOPITIAMBOT

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