Former HSBC FX trader surrenders to US Bureau of Prisons

Following a set of delays, former HSBC Forex trader Mark Johnson has surrendered to the custody of the Bureau of Prisons.

According to a letter filed by the Department of Justice (DOJ) with the New York Eastern District Court on Thursday, July 29, 2021, the defendant surrendered to the custody of the Bureau of Prisons on July 15, 2021. The information about the surrender was provided only now and as a part of a document concerning the defendant’s cash bail.

Let’s recall that, in October 2017, a jury convicted Johnson of seven counts of wire fraud and one count of wire fraud conspiracy, arising from a Forex transaction that he engineered in his former role at investment bank HSBC. On April 26, 2018, this court sentenced Johnson principally to 24 months’ imprisonment, well below the U.S. Sentencing Guidelines range of 87-108 months.

Johnson was remanded to custody and served two months of his sentence, first at the Metropolitan Detention Center and then at FMC Devens. On June 19, 2018, the Second Circuit granted Mr. Johnson’s motion for bail pending appeal, and on June 26, 2018, this court authorized Mr. Johnson to return to his home in a rural area of England to await the outcome of his appeal.

Mark Johnson then moved for an order granting compassionate release pursuant to 18 U.S.C. § 3582(c)(l)(A), arguing that his underlying medical condition and the risks to his health posed by the COVID-19 pandemic, coupled with the anticipated conditions of his confinement and his ongoing charitable work, constitute “extraordinary and compelling” circumstances that merit the reduction of his sentence to time served and supervised release with a condition of home confinement.

The Government opposed the motion, arguing that Johnson is not eligible for relief because he is not currently in the custody of the Bureau of Prisons (BOP) and, alternatively, that Johnson’s circumstances do not warrant a sentence reduction.

On February 9, 2021, the Court nixed Johnson’s motion.

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