Court considers ‘Wild West’ practices in HSBC frontrunning case

Mark Johnson at HSBC — Mark Johnson: convicted in 2017 of frontrunning a client’s multi-billion-dollar currency order

Laura Matthews
31 May 2019

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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.

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