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| Former HSBC banker found guilty of fraud in the US | Former HSBC banker found guilty of fraud in the US |
| (35 minutes later) | |
| A US jury has found a former HSBC executive from the UK guilty of defrauding Cairn Energy in a 2011 currency trade. | A US jury has found a former HSBC executive from the UK guilty of defrauding Cairn Energy in a 2011 currency trade. |
| Prosecutors said Mark Johnson made millions at Cairn's expense through a scheme to increase the price of sterling before a planned Cairn deal. | Prosecutors said Mark Johnson made millions at Cairn's expense through a scheme to increase the price of sterling before a planned Cairn deal. |
| Mr Johnson, the former head of HSBC's global foreign exchange cash trading, was arrested in New York last year. | Mr Johnson, the former head of HSBC's global foreign exchange cash trading, was arrested in New York last year. |
| The US is seeking to extradite another UK banker, Stuart Scott, in the case. | The US is seeking to extradite another UK banker, Stuart Scott, in the case. |
| The lawsuit is related to a wider investigation into global currency markets. | The lawsuit is related to a wider investigation into global currency markets. |
| While banks have admitted to conspiracy in currency trading, this suit was the first to target individuals. | While banks have admitted to conspiracy in currency trading, this suit was the first to target individuals. |
| Speaking after the verdict on Monday, an attorney for Mr Johnson maintained his client's innocence. | |
| Prosecutors said Cairn, an oil and gas company listed in the UK, selected HSBC in 2011 to handle the conversion into sterling of $3.5bn in proceeds from the sale of one of its subsidiaries. | Prosecutors said Cairn, an oil and gas company listed in the UK, selected HSBC in 2011 to handle the conversion into sterling of $3.5bn in proceeds from the sale of one of its subsidiaries. |
| They alleged that Mr Johnson and Mr Scott, on behalf of HSBC, bought sterling in advance of the deal, inflating the currency's value and ultimately making about $8m for the bank. | They alleged that Mr Johnson and Mr Scott, on behalf of HSBC, bought sterling in advance of the deal, inflating the currency's value and ultimately making about $8m for the bank. |
| Mr Johnson was on trial for nearly four weeks in a federal court in Brooklyn, New York. | Mr Johnson was on trial for nearly four weeks in a federal court in Brooklyn, New York. |
| Mr Scott has denied the allegations. | Mr Scott has denied the allegations. |
| HSBC, which was not charged in this case, declined to comment. | HSBC, which was not charged in this case, declined to comment. |
| The firm has said it is in talks with US regulators to resolve an investigation of its foreign exchange trading. | The firm has said it is in talks with US regulators to resolve an investigation of its foreign exchange trading. |
| By Michelle Fleury, New York business correspondent | |
| For nearly four weeks jurors heard how a former HSBC currency trader Mark Johnson bought sterling ahead of client Cairn Energy's order, forcing the oil and gas firm to pay a higher price. | |
| To make their case, US prosecutors played audio recordings of phone calls between Mr Johnson and traders in London and New York, including one where he said, "I think we got away with it." | |
| Mark Johnson, a British citizen, was arrested in dramatic fashion in New York last July as he was about to board a plane to London. |