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Senior HSBC exec arrested in US forex trading probe

U.S. Charges HSBC Official in FX Rigging Probe

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Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York?s Kennedy airport late Tuesday, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction, according to three people familiar with the matter.

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, one of the people said, asking not to be identified because the details of his arrest aren?t public. The U.S. unsealed charges 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.

The arrest and charges are a coup for the Justice Department, which has struggled to build cases against individuals in its investigation into foreign-exchange trading at global banks. U.S. prosecutors once had so much confidence in the quality of evidence they were gathering thanks to undercover cooperators that in September 2014, then-Attorney General Eric Holder said he expected charges against individuals within months. The U.K. Financial Conduct Authority also found it difficult to make cases against currency traders and announced in March that it was dropping its efforts.

Bankers get caught doing shady shit all the time but not much ever becomes of it. Isn't this the same bank that got caught laundering drug money?

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Originally Posted by GFED (Post 21046426)

Bankers get caught doing shady shit all the time but not much ever becomes of it. Isn't this the same bank that got caught laundering drug money?

yes, HSBC = money launderers bank.

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Originally Posted by freecartoonporn (Post 21046432)

yes, HSBC = money launderers bank.

Oh yea, Comey, Clinton, Obama... Something about fast and furious... Selling guns to Mexican drug lords.

ummmmmm sound they doing some kind of underground money....

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Originally Posted by Twoface31 (Post 21049489)

ummmmmm sound they doing some kind of underground money....

Bankers are some of the worst kind of people.

What are the implications of this arrest for HSBC? The FT concludes that there is a chance it could "cause reputational damage to the global bank?s forex trading business and fuel more calls for HSBC to face full criminal charges. The DoJ has already been criticised for failing to prosecute HSBC after it paid $2bn in 2012 over laundering billions of dollars for Mexican and Colombian drug gangs."

Arrested HSBC FX Trader Had Been Cleared In Bank's Own Internal Probe | Zero Hedge