U.S. Charges HSBC Official in FX Rigging Probe

YOUR PERCEPTION IS NOT REALITY

HSBC 11111111111111111

Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York’s Kennedy airport late Tuesday, arresting him for alleged fraud involving currency trading, according to three people familiar with the matter. The arrest marks an escalation of the Justice Department’s three-year investigation into foreign-exchange rigging at global banks.

Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, is also the first individual to be charged in the long-running probe. He is due to appear before a judge in federal court in Brooklyn Wednesday morning, said the people, who asked not to be named because the case hasn’t been made public. Johnson, who works between London and New York, is being charged with conspiracy to commit wire fraud involving front-running client orders, according to the complaint.

Stuart Scott, HSBC’s head of foreign-exchange cash trading for Europe, was also accused in the complaint…

View original post 353 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s