A HSBC executive was arrested at JFK airport for his part in a $3.5 billion currency exchange scheme. According to the NY Post, London-based global chief of foreign exchange trading, Mark Johnson, is being accused of heading an exchange worth millions for British pounds back in 2011. Also charged is the head of HBSC’s desk, Stuart Scott. Johnson and Scott used insider information to trade ahead of a deal, which occurred on December 7, 2011. The gentlemen’s scheme produced $3 million in profits and $5 million in fees. HSBC is amongst several global banks included in a three-year investigation on currency rigging. Johnson and Scott face charges of conspiracy to commit wire fraud. Read more…
