Top HSBC Bosses Arrested For Fraud

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Senior HSBC bosses arrested for fraud

A top HSBC boss has been arrested at JFK International Airport on suspicion of fraud amid a bout of mass arrests at the bank. 

Mark Johnson, HSBC’s global head of foreign-exchange cash trading, was arrested on Tuesday as he attempted to leave the United States.

NBC News reports:

He faces charges following a three-year investigation into currency trading practices at multiple global banks.

In addition, Stuart Scott, the former head of the bank’s Europe desk, also faces wire fraud conspiracy charges, according to the New York Times, which also reported that Johnson and Scott made a $3 million profit on the trade. The deal in question apparently involved an oil and gas company that wanted to exchange U.S. dollars with British pounds.

HSBC declined comment on the matter. The Justice Department in New York was not immediately available and have not yet released information.

The investigation into currency rigging has been ongoing for three years but has resulted in no individual arrests until this week. Johnson is expected to appear in court Wednesday on a conspiracy to commit wire fraud charge, according to Bloomberg.

Banks have paid billions in fines resulting from investigations, with Citigroup, HSBC, JPMorgan Chase, RBS and UBS forced to pay $3.1 billion in fines from Britain’s Financial Conduct Authority and the Commodity Futures Trading Commission in the US. JPMorgan, Citi and Bank of America also had to pay separately $950 million for unsafe practices, while UBS shelled out an additional $138 million to the Swiss Financial Market Supervisory Authority for improper business conduct.

Sean Adl-Tabatabai
About Sean Adl-Tabatabai 17890 Articles
Having cut his teeth in the mainstream media, including stints at the BBC, Sean witnessed the corruption within the system and developed a burning desire to expose the secrets that protect the elite and allow them to continue waging war on humanity. Disturbed by the agenda of the elites and dissatisfied with the alternative media, Sean decided it was time to shake things up. Knight of Joseon (https://joseon.com)