A US jury has found a former HSBC Holdings executive guilty of defrauding an energy company in a $3.5 billion currency trade.
Mark Johnson, formerly head of the company's foreign exchange cash trading desk, was found to have exaggerated the price of British pounds before executing a trade for Cairn Energy in 2011, costing them millions of pounds in the process.
This is the first prosecution in the United States following a global investigation into trading on the currency markets, which has already resulted in significant fines for banks and the dismissal of traders.
Another former executive at HSBC Holdings, Stuart Scott, is also facing charges in connection with the case and is in the UK fighting extradition to the US. Neither his lawyer or HSBC have commented following Johnson's conviction.
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