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Business Crimes BulletinColumns & DepartmentsLitigationWhite Collar Crime

Business Crimes Hotline

By Colleen Snow

HSBC Resolves Wire Fraud Charges

On Jan. 18, 2018 HSBC Holdings plc (HSBC) entered into a deferred prosecution agreement (DPA) and agreed to pay $101.5 million in criminal penalties and disgorgement to resolve two counts of wire fraud under 18 U.S.C. §1343.

In 2010 and 2011, HSBC was hired by two clients to execute multi-billion dollar foreign exchange transactions. After completing confidentiality agreements for the planned transactions, HSBC's former Head of Foreign Exchange, Mark Johnson, and his team first purchased British Pound Sterling (GBP) for HSBC proprietary accounts. The “front-running” scheme sought to use the future client transactions to drive the price of GBP in a direction that would benefit the bank's account. HSBC traders then executed the clients' transactions, the second of which was for the exchange of $3.5 billion. Johnson and his team structured the clients' trades to maximize the price increase of GBP, which ultimately benefitted Johnson and his co-conspirators at the expense of the client.

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