Print this article
HSBC Forex Head Arrested, Former Colleague Charged In US - Media
Tom Burroughes
21 July 2016
HSBC's global head of foreign exchange trading, Mark Johnson, has been arrested by US authorities and a former colleague, Stuart Scott, has also been charged, media reports said. The two traders are accused by the US Department of Justice of using inside information to profit from a $3.5 billion currency deal.
The bank has reportedly said it does not comment on individual employees and active litigation. The BBC said it is co-operating with the Department of Justice's investigation into global currency markets and claims of manipulation.
This publication has contacted for comment.
Johnson was released on $1 million bail following a court hearing yesterday.
The US Department of Justice accuses the traders of "front-running", the BBC reported. That is misusing confidential information provided by a client who planned to convert $3.5bn into sterling.