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Conviction Reached in $3.5 Billion Fraudulent Forex Trade that Took Place on Jim Comey’s Watch at HSBC

Jacob Wohl

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A $3.5 Billion Fraudulent Forex Trade took place when disgraced former FBI Director James Comey was on the board of directors at HSBC.

A U.S. jury on Monday convicted an HSBC Holdings of defrauding Cairn Energy in a $3.5 billion currency trade in 2011.

U.S. prosecutors have said that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, rigged the price of Brittish pounds ahead of an exchange by Cairn Energy, essentially lining his own pockets.

“They’ve convicted an innocent man,” John Wing, Johnson’s Lawyer, told reporters as he left the courtroom in Brooklyn where Johnson’s trial lasted nearly four weeks.

Cairn reportedly represented to his client that the rise in the price of the Pound was due to a mysterious “Russian Buyer”.

Earlier in October, the U.S. Federal Reserve fined HSBC $175 million for failing to supervise its foreign-exchange trading business, citing the alleged conduct by Messrs. Johnson and Scott as examples of the lack of oversight.

 

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Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

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