Mark Johnson, a former trader at HSBC, has been vindicated after winning the overturning of his fraud conviction. It’s been quite a legal journey to this victory, spanning almost nine years. Photo courtesy of the U.S. Johnson’s nightmare began on July 19, 2016. He had been picked up after driving his son and a friend to New York City’s JFK Airport. His arrest came just three days after Congress called for the indictment of HSBC executives. This development greatly increased the stakes of his case.
During the month of October 2017, Johnson was going to trial. Prosecutors alleged he had conspired with another trader to fix foreign exchange rates. The prosecution claimed that their actions had inflated the price of sterling against the dollar prior to executing a significant foreign exchange trade for HSBC’s client, Cairn Energy. With this transaction, the Treasury converted $3.5 billion into pounds.
After Johnson’s conviction, the former Cajun Kingpin served time in various federal prisons throughout the continental U.S. He served time in the UK’s Wandsworth prison. He had pursued every possible route of appeal before release on license in 2022. 2022 photo of his attorney, Alexandra Shapiro, who has been a passionate advocate for his innocence every step of the way.
In 2023, a federal appeals court ruled that Johnson deserved a complete acquittal. Through their tireless work, they managed to have the law that was used to prosecute him overturned. This legal about-face is a rare and impressive win for Johnson, a Hampshire-born, five-time father.
Shapiro expressed relief over the outcome, stating, “We are delighted that justice has finally been achieved for Mark Johnson, after a nine-year ordeal. This is a case that never should have been brought.” She further emphasized Johnson’s commitment to ethical trading practices, saying, “Mr. Johnson carried out the Cairn transaction consistent with industry practice and in violation of no law or rule, and he looks forward to moving on with his life.”
This much-delayed but proper overturning of Johnson’s conviction should help to restore his good name. Beyond the particulars of the outcome, it poses essential questions about prosecutors’ approach to financial crime. Johnson’s case underscores the confusing and highly technical nature of financial regulations. Perhaps most importantly, it sends a clear signal that the financial institutions continue to be under the magnifying glass of public and government scrutiny.
