Johnson Wins Bail Application

Former HSBC FX chief dealer Mark Johnson has won his bail application in the US Appeals Court and will been released subject to terms laid down by the District Court.

Three judges of the US Court of Appeals for the Second Circuit, granted the bail application Wednesday, which suggests that as well as seeing Johnson as no flight risk, they also believe there are credible legal issues surrounding the original conviction.

The three judges involved in the bail hearing will not sit on the appeal when it comes, however Johnson’s legal team can now move ahead with the process, bolstered by the fact that the court accepted their arguments in the bail application, several of which will presumably form the basis of the appeal.

Johnson was found guilty of several counts of wire fraud relating to the execution of a deal for Cairn Energy in 2011 and sentenced to two years in jail in an original decision that potentially has tremendous consequences for the FX industry, linking as it did, pre-hedging with front running, as noted in this article from October 2017.

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Colin Lambert

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