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Former HSBC Banker Sentenced to Prison for Fraud

Mark Johnson, a former HSBC Holdings, PLC trader, recently became the first person to be convicted in an international investigation into currency rigging. In late April, a U.S. District Judge in Brooklyn sentenced him to two years in prison for nine counts of wire fraud and conspiracy after rigging a $3.5 billion client order in December 2011.

According to Judge Nicholas Garaufis, who oversaw the case, federal sentencing guidelines indicated Johnson would face a maximum of nine years in prison, but the judge imposed a shorter term after citing Johnson’s family ties and community work, as well as the fact that it is unlikely any financial institution will ever trust him again in a position where he’d handle major transactions.

Whistleblowers play important role in uncovering fraud

The vast majority of these types of fraud cases would never be uncovered were it not for the reports issued by whistleblowers, who become aware of wrongdoing within their organizations and decide to speak up. Federal legislation implemented within the last decade has only encouraged even more whistleblowers to come forward with their knowledge of illicit activity in their workplace, as there are more protections than ever afforded to whistleblowers.

In addition, depending on the type of fraud and the value of the case, whistleblowers who report fraud through the SEC’s Office of the Whistleblower stand to earn some significant awards for producing unique, helpful information about wrongdoing.

If you are aware of wrongdoing occurring in your workplace, meet with a trusted Dallas whistleblower attorney at Kardell Law Group to learn more about your options.

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  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

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