Two top foreign exchange traders employed at HSBC have been charged with making $8m in profits and fees by “front running” a client’s $3.5bn foreign exchange trade, according to a US criminal complaint unsealed yesterday.
Mark Johnson, a UK citizen and global head of forex cash trading, was arrested on Tuesday evening at New York’s John F Kennedy airport, on charges of conspiracy and wire fraud.
A warrant was also issued for the arrest of Stuart Scott, a UK citizen who was head of forex cash trading for Europe, the Middle East and Africa until he left HSBC in 2014.
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