HSBC Bankers Are First Individuals Charged in U.S. Currency Case
- Mark Johnson arrested at Kennedy Airport Tuesday in New York
- Cairn Energy said to be the unidentified front-running victim
HSBC Official Said to Face Charges in FX Rigging Probe
This article is for subscribers only.
Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York’s Kennedy airport around 7:30 p.m. Tuesday, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction in 2011.
Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, was held in a Brooklyn jail overnight and will appear in court Wednesday, according to prosecutors. The U.S. unsealed a complaint against him and Stuart Scott, the bank’s former head of currency trading in Europe, making them the first individuals to be charged in the long-running probe.