Top HSBC manager 'arrested in New York'

[MowCowWhoHow III]

Source: BBC

A senior HSBC executive has reportedly been arrested in New York for his alleged role in a conspiracy to rig international currency markets.

Mark Johnson, HSBC's global head of foreign exchange cash trading in London, was arrested at John F. Kennedy International airport on Tuesday, according to media reports.

It comes more than a year after five banks pleaded guilty to charges related to the rigging of currency benchmarks.

HSBC has so far declined to comment.

Read more: http://www.bbc.co.uk/news/business-36848315

[Moostache]

1. Send him to Gitmo...

If we have to have the damn place, we might as well make proper use of it.
(STILL very salty about that abomination being kept this long...)

[hobbit709]

2. It's a start, but they need a few hundred more to go with him.

[Orrex]

3. i.e., he was arrested for threatening rich people's money

Not, I hasten to note, for laundering money for drug cartels or terrorist organizations.

I imagine that ol' Mark Johnson wasn't involved in that aspect of the business, but it's not as though anyone else @ HSBC has been prosecuted for it, either.

[UpInArms]

4. this following is behind a paywall - but ...

US Blocking Publication Of Damning HSBC Report, UK Says

An explosive report into failures to thwart money laundering that is at the heart of a billion-dollar HSBC Holdings PLC settlement is being blocked from publication by U.S. authorities and may threaten the stability of the global financial system if ever fully aired, the U.K.’s top regulator said Tuesday.

[yurbud]

6. banks and Wall Street are more afraid of drugs being legalized than drug dealers are

[Eugene]

5. U.S. charges two HSBC executives over forex-related scheme

Source: Reuters

World | Wed Jul 20, 2016 12:51pm EDT

U.S. charges two HSBC executives over forex-related scheme

NEW YORK | BY NATE RAYMOND

A senior HSBC Holdings Plc (HSBA.L) manager has been arrested and charged alongside a former foreign exchange executive with engaging in a scheme to front-run a $3.5 billion transaction by one of the bank's clients, U.S. prosecutors said on Wednesday.

Mark Johnson, HSBC's global head of foreign exchange cash trading in London, and Stuart Scott, its ex-head of cash trading for Europe, the Middle East and Africa, were charged in a criminal complaint filed in federal court in Brooklyn, New York.

Prosecutors said the executives, who are both British citizens, misused information provided to them by a client that had hired HSBC to convert $3.5 billion to British pounds in connection with a planned sale of one of the unnamed company's subsidiaries.

Johnson, 50, and Scott, 43, used their insider knowledge to buy sterling in order to front-run the transaction, resulting in a spike in the price of the currency that was detrimental to HSBC's client, prosecutors said.

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Read more: http://www.reuters.com/article/us-hsbc-arrest-idUSKCN1001T1