Yesterday a court in Brooklyn, USA, found a British FX trader guilty of front-running at least one customer order. Mark Johnson, who used to be global head of cash foreign exchange at HSBC, had defrauded a client by ramping up the value of sterling ahead of Cairn Energy’s $3.5 billion order to buy pounds. He faces up to 20 years in prison while the bank was fined $175 million.
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