ACI | The Financial Markets Association » “Johnson Appeal Highlights “Ever-Shifting, Imprecise and Contradictory” Government Argument”

Extracts from article in Profit and Loss, 23 January 2019

“The defence team conducting former HSBC FX trading head Mark Johnson’s appeal against his conviction in late 2017 have filed their appeal brief to the US Court of Appeal, in which they argue that the US Government’s brief offers, “…the latest flavour of the prosecution’s many ever-shifting, imprecise, and contradictory attempts to explain just what, exactly, the crime here was, and it exposes why there was none….The appeal further notes, “It would be a travesty of justice to deprive Johnson of his liberty based on these arguments, which would not even survive a motion to dismiss in a civil action.” Click here for article.

And Another Thing… Colin Lambert Editorial, Profit and Loss 24 January 2019

“The upshot of reading this [appeal] document is the reinforcement of my belief – as I have stated in several columns about this case – that the prosecution knows nothing about how FX markets work and is desperately trying to fulfil some political mandate that “someone” is held to account for what are perceived as the banking industry’s shortcomings….. It [also] bothers me that too many people at senior levels in the industry, or at those bodies meant to represent the FX industry (ACI FMA is the honourable exception here), have sat around and metaphorically averted their gaze from this issue. At ground level I can assure readers that there are a lot of people worried about the outcome of this case, even those – like me – who don’t know Mark Johnson”. Click here for article.

EXTRACTS FROM PROFIT AND LOSS ARTICLE 23 JANUARY 2019, AND COLIN LAMBERT EDITORIAL 24 JANUARY 2019 PUBLISHED WITH PERMISSION AND OUR THANKS