HSBC’s global head of foreign exchange cash trading Mark Johnson and the former European head of currency trading Stuart Scott are allegedly going to be charged with conspiracy to commit wire fraud in relation to currency rigging.
Johnson was arrested by the U.S. authorities on Tuesday night and should appear before a federal court in Brooklyn later on Wednesday. Scott hasn’t been arrested. HSBC declined to comment.
Prosecutors claim Johnson and Scott traded ahead of a client’s purchase of $3.4 billion worth British Sterling back in 2011, which brought them millions in profits.
Image: EPA / Wallace Woon
