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		</div><p>A top trader at banking giant HSBC has been released on bail after he was arrested by FBI agents and charged with fraudulently rigging a $3.5bn currency exchange deal.</p>
<p>Mark Johnson, the bank&#8217;s head of global foreign exchange cash trading, was arrested by federal agents at New York&#8217;s JFK International Airport on Tuesday evening as the US Department of Justice continues its long-running probe into foreign exchange trading.</p>
<p>Mr Johnson, 50, who is a UK citizen but lives in America, was released on a $1m bail after appearing on Wednesday at a Brooklyn federal court charged with allegedly conspiring to defraud an HSBC client through a &#8220;front running&#8221; scheme.</p>
<p>Stuart Scott, 43, HSBC&#8217;s former head of foreign exchange cash trading for Europe, the Middle East and Africa, who lives in the UK, has also been charged. A warrant has been issued for Mr Scott&#8217;s arrest.</p>
<p>The two men are accused of conspiring to commit wire fraud between November and December 2011 after &#8220;misusing information&#8221; from a client that hired HSBC to carry out a foreign exchange transaction linked to the sale of a foreign subsidiary.</p>
<p>It is alleged the two men &#8220;caused the $3.5bn foreign exchange transaction to be executed in a manner that was designed to spike the price of the pound sterling, to the benefit of HSBC and at the expense of their client&#8221;.</p>
<p>Mr Johnson reportedly said on a telephone call to Mr Scott &#8220;Ohhhh f**king Christmas&#8221; when the full order for the amount was authorised.</p>
<p>The &#8220;front running&#8221; enabled them to generate $8m, some of it illegally, to the benefit of HSBC and at the expense of their client, it is alleged.</p>
<p>Robert Capers, US attorney for the Eastern District of New York, said: &#8220;As alleged, the defendants placed personal and company profits ahead of their duties of trust and confidentiality owed to their client, and in doing so, defrauded their client of millions of dollars.&#8221;</p>
<p>Defence lawyer Frank Wohl declined to comment after Mr Johnson was released on bail following an initial court appearance before a magistrate in Brooklyn.</p>
<p>Assistant attorney general Leslie Caldwell said: &#8220;The defendants allegedly betrayed their client&#8217;s confidence, and corruptly manipulated the foreign exchange market to benefit themselves and their bank.&#8221;</p>
<p>She added: &#8220;This case demonstrates the criminal division&#8217;s commitment to hold corporate executives, including at the world&#8217;s largest and most sophisticated institutions, responsible for their crimes.&#8221;</p>
<p>In August last year, nine banks including Britain&#8217;s Barclays, HSBC and Royal Bank of Scotland agreed a settlement of more than $2bn with US investors over foreign exchange rate rigging claims.</p>
<p>Mr Johnson&#8217;s arrest is the latest scandal to impact HSBC which came under fire from US senators in 2012 after drug cartels laundered money through the bank&#8217;s Mexican operation.</p>
<p>HSBC is not accused of any wrongdoing and declined to comment.</p>
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Bankers are the real fraudsters especially from HSBC!