		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="1">
		</amp-ad>
				</div>
			</div>
		</div><p>HSBC&#8217;s head of global foreign exchange cash trading has been arrested and charged in the US for allegedly conspiring to commit wire fraud.</p>
<p>The US Department of Justice said Mark Johnson, 50, allegedly conspired 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, has also been charged.</p>
<p>They are accused of misusing information in 2011 &#8220;provided to them by a client that hired HSBC to execute a foreign exchange transaction related to a planned sale of one of the client&#8217;s foreign subsidiaries.&#8221;</p>
<p>The two men allegedly generated 8 million US dollars in profits from the transaction.</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>Mr Johnson was arrested at the JFK International Airport in Queens, New York, on Tuesday, the US Justice Department said.</p>
<p>He will face a court appearance on Wednesday before magistrate judge Lois Bloom of the Eastern District of New York.</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>HSBC declined to comment.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ec9ebea0e69">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ec9ebea0e69',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
