Federal Reserve Bans Two HSBC Bankers over FX Fraud Charges

[kreslik.news]

A couple of senior HSBC bankers have been barred by the Federal Reserve Board from entering the banking industry as they were charged with fraudulently rigging a multibillion-dollar forex transaction.

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Mark Johnson, HSBC’s global head of FX cash trading, and his colleague Stuart Scott, head of foreign exchange trading in Europe, the Middle East and Africa, are accused of defrauding an FX client of HSBC. They are alleged to have corruptly manipulated a large pre-arranged currency transaction to benefit themselves and their bank. More specifically, the two allegedly ... (read more)