Summary
A former trader named Mark Johnson, who used to work for HSBC, had his fraud conviction overturned by a US court after a fight that lasted nine years. He was originally convicted in 2017 for allegedly manipulating currency exchange rates to benefit HSBC. The conviction was overturned because a law used against him was revoked.
Key Facts
- Mark Johnson is a former trader from HSBC who was originally found guilty of fraud in 2017.
- He was accused of manipulating currency exchange rates to help HSBC make a profit.
- He served time in US and UK prisons before being released in 2022.
- In 2023, the US court overturned the law used in his prosecution, leading to his acquittal.
- Johnson was alleged to have increased the price of British pounds before a large trade.
- This practice was called "front-running," but some argued it was normal in the industry.
- Johnson's arrest in 2016 happened in the US, avoiding extradition procedures.
- His co-accused, Stuart Scott, successfully fought extradition and had charges dropped.
