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Former HSBC -Vuuruta’s trade chief Mark Johnson had thrown away his criminal conviction for wire fraud on Thursday, after a court in the US had destroyed a big victory in the courtroom for US authorities.
Johnson was convicted in 2017 for cheating Scottish energy company Cairn on a transaction of $ 3.5 billion in 2011 in which HSBC was hired to convert the proceeds from an asseti -purchase from dollars to Sterling.
Public Prosecutors said that he has instructed subordinates to buy Sterling for his own bills before the client was posted, and then performed them in a way that improved their own positions and yielded $ 7.3 million in illegal profit.
His case was the first jury court that arises from efforts to combat manipulation on the $ 5TN currency market, where traders and banks were accused of manipulating rates and leading customer trade. Banks paid around $ 10 billion in fines.
Johnson served two years in prison for wire fraud and conspiracy to commit wire fraud and paid a fine of $ 300,000. But while he completed his punishment, the Supreme Court has reduced the federal scope of fraud by an important legal theory used to make him condemn.
Shortly thereafter, Johnson appealed against his conviction. Two previous petitions for assessment had not been successful.
“We are pleased that justice has finally been reached for Mark Johnson after a nine -year -old test. This is a case that should never have been taken,” said Alexandra Shapiro, a lawyer for Johnson.
“Mr. Johnson carried out the Cairn transaction in accordance with industrial practice and in violation of no law or rule, and he looks forward to continuing with his life.”
Johnson has maintained his innocence and various industrial bodies have defended his actions.
The Forex-rigging scandal More than ten years ago followed similar accusations of Libor manipulation by traders at banks around the world.
Tom Hayes, a former UBS trader who became the first person in the world who was found guilty by a jury of Libor-Rigging, has asked the UK Hoogtreshof to cancel his conviction. The court will hand out his decision next week.