NEW YORK (AP) — The former head of HSBC Bank's foreign exchange cash trading has been sentenced in New York to two years in prison for a scheme that defrauded a client out of millions of dollars.
Mark Johnson was sentenced in Brooklyn federal court on Thursday after being convicted in October 2017 of wire fraud conspiracy and wire fraud.
The 51-year-old Johnson, who is a United Kingdom citizen, also must pay a $300,000 fine.
Prosecutors say Johnson and a co-defendant from the United Kingdom corruptly manipulated the foreign exchange market. The co-defendant is in the U.K. fighting extradition.
Authorities say the men generated over $7 million from a single 2011 transaction, some of it illegally. During his trial, Johnson insisted the client got a "fair" price.
The bank wasn't accused of any wrongdoing.