HSBC's global head of foreign exchange cash trading in London, Mark Johnson, has been arrested for alleged fraud involving currency trading, according to reports.
The arrest, which was made on Tuesday evening at New York's JFK airport, marks the most recent development and the first arrest in the Justice Department's three-year investigation into foreign exchange rigging at global banks. Johnson is alleged to have been involved in a front-running scheme involving a transaction worth $3.5bn, according to sources quoted by Bloomberg. He was released on $1m bail following a court hearing on Wednesday. HSBC shuts UK customers' Jersey accounts to 'prevent misuse' Stuart Scott, HSBC's head of FX cash trading for Europe, has also been accused of...
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