US: Former HSBC trader to fight extradition in forex case

A British former trader at HSBC is to fight extradition to the US to face charges of manipulating foreign-exchange benchmarks.

Stuart Scott, 44, was arrested on Monday in the UK at the behest of US authorities, who have charged him and his former boss with forex-rigging.

He was conditionally bailed after posting $140,000 USD security. His bail conditions include a ban on travel and having to report weekly to police.

Mr Scott is due to appear before Westminster magistrates on July 31 for the first hearing in what could be a protracted legal battle over whether he is sent to the US to face trial. The court confirmed his case has been listed for a contested extradition.

“I can confirm Mr Scott has been arrested,” said Anne Davies at Gunner Cooke, his solicitor. “He strongly denies the charges. Given there are ongoing proceedings, it would be inappropriate to comment at this time.”

The Department of Justice charged Mr Scott and Mark Johnson, the bank’s former head of forex cash trading, last summer. Mr Johnson, also a Briton, was arrested in July at New York’s John F. Kennedy airport. Mr Scott had remained at liberty in the UK.

Full Content: Telegraph

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