Whistleblower News From The Inside -- October 25, 2017

By the C|C Whistleblower Lawyer Team

Former HSBC Executive Mark Johnson Found Guilty of Fraud in $3.5 Billion Currency Trade — “A U.S. jury on Monday found a former HSBC Holdings executive guilty of defrauding Cairn Energy in a $3.5 billion currency trade in 2011. U.S. prosecutors have said that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing a trade for Cairn, making millions for HSBC at Cairn’s expense.” Fortune

Father-and-Son Executives of Tutoring Companies Sentenced to Federal Prison in Connection with $11 Million Fraud Scheme — “The father-and-son executives of two suburban Chicago tutoring companies have been sentenced to federal prison for orchestrating an $11 million fraud scheme that bilked more than 100 school districts around the country, including Illinois.” USAO for the Northern District of Illinois

‘Anti-fraud’ wallets now standard at UK department stores – amid contactless card crime fears — “Britain’s biggest retailers are fitting wallets with ‘anti-fraud’ shields to protect consumers’ cards, amid a rise in contactless fraud.  Contactless cards—which do not require a PIN for purchases up to £30—can be compromised by rogue card readers in a process called ‘card skimming.’  Criminals are able to charge strangers’ cards if they are come within a few inches of the machine.” The Telegraph