Ex-HSBC Trader Says Client Got ‘Fair’ Price in Currency Deal
- Defendant takes witness stand to challenge U.S. allegations
- Mark Johnson is on trial charged with fraud, conspiracy
Johnson outside court in New York on Sept. 18, 2017.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Former HSBC Holdings Plc currency trader Mark Johnson took the witness stand on Wednesday, insisting that he cheated no one in a $3.5 billion foreign-exchange transaction.
Johnson is accused of fraud for buying British pounds ahead of a client’s order, forcing the client to pay a higher price. The bank made an $8 million profit as a result of the currency spike, according to prosecutors.