His defense is that everyone was doing it
Mark Johnson was the former director-general of foreign exchange cash trading at HSBC, and has pleaded not guilty to the before-execution of a $ 3.5 billion trade from a client.
The case started today, and he told the jurors that his client had acted in a manner consistent with the standards of practice in the banking sector».
That does not look very good.
Here are the details:
- Cairn Energy has sold some of Indian assets and need to convert the proceeds in pounds sterling
- They have called on HSBC to do the trade
- Johnson makes $ 8 million to HSBC in placing the business of the bank, and the execution of the transaction
- Johnson was arrested during a trip to New York
Johnson himself said the command was like, «f***ing Christmas» of internal communication.
He is facing a 10-wire fraud and conspiracy.