US federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of a New York airport, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction back in 2011.
Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, appeared in court July 20 after being held in a overnight on charges of manipulating the pound to take advantage of a client’s inside information, gaining $8 million for the bank. Subsequently, he was released on bail and returned to his Manhattan apartment.
The arrest and charges were a coup for the Justice Department, after having struggled to build cases against individuals in the ongoing investigation into foreign-exchange trading at global banks.
Full Content: Bloomberg
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