Court considers ‘Wild West’ practices in HSBC frontrunning case
Seeking to overturn Mark Johnson’s conviction, his attorneys argue he violated no laws or industry norms when trading on behalf of Cairn
The United States Court of Appeals for the Second Circuit reserved making a decision at a May 31 hearing in the fraud case against former HSBC senior banker Mark Johnson, who was convicted in 2017 of frontrunning a client’s multi-billion-dollar currency order.
The court will consider whether, if it should decide in Johnson’s favour, it would be “signing off on the wild, Wild West” by condoning the practice that found him guilty of conspiracy and eight counts of wire fraud in October 2017.
Howe
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