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Mark Johnson, a senior foreign exchange (FX) executive in HSBC’s London office, was arrested yesterday following prior established links with a FX market fixing scandal – immediately after the arrest, HSBC has launched its own investigation into Johnson’s trades, relying on a former probe into the company’s own FX trades back in 2013.
Johnson’s arrest represents the first individual responsible for London market fixing to be charged in the US. He was arrested on conspiracy to commit wire fraud, allegations that if proven could result in a stiff penalty, and possible jail time. HSBC is hardly the only lender ... (read more)