HSBC was not among those banks, but in 2014 agreed to pay $618 million to resolve related probes by U.S. and British regulators. HSBC said Scott had left the firm in 2014. Scott and Johnson are believed to be the first people to face U.S. criminal charges arising from an investigation of foreign-exchange rigging at banks. Scott was arrested in Britain on Monday following an extradition request by the U.S. Department of Justice, the document filed with the court by acting U.S. Attorney Bridget M. Rohde said. LONDON British authorities have arrested Stuart Scott, a former senior HSBC (HSBA.L) executive accused of participating in a fraudulent scheme involving a $3.5 billion (£2.7 billion) currency transaction, according to a U.S. court filing seen by Reuters on Thursday.
As it stated in US officials in July 2016 arrested another HSBC executive, Mark Johnson, in New York, who also was released on bail. HSBC declined facebook/" target="_blank">comment on the case beyond saying that Stuart Scott left the firm in 2014A former HSBC executive was arrested in London this week to face US charges he conspired to fix the foreign exchange market, US officials said in court papers. HSBC declined comment on the case beyond saying that Scott left the firm in 2014. Scott was released on bail by a London court on Wednesday and plans to fight his extradition, Bloomberg News reported. HSBC was one of six major US and European banks that were fined a total $4.2 billion by global regulators in a November 2014 crackdown for attempted manipulation of the foreign exchange market.
As it stated in
Former HSBC trader in forex probe arrested by UK police
They then used their insider knowledge to trade ahead of the transaction, causing a spike in the price of the currency that hurt HSBC's client, prosecutors said. HSBC was not among those banks, but in 2014 agreed to pay $618m to resolve related probes by US and British regulators. London — British authorities have arrested Stuart Scott, a former senior HSBC executive accused of participating in a fraudulent scheme involving a $3.5bn currency transaction, according to a US court filing on Thursday. HSBC said Scott had left the firm in 2014. Scott and Johnson are believed to be the first people to face US criminal charges arising from an investigation of foreign-exchange rigging at banks.
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