Mark Johnson, the head of global FX cash trading at HSBC and
Stuart Scott, former head of FX cash trading for EMEA at HSBC, have been officially
charged by the US Justice Department with conspiring to defraud HSBC clients by
The US Federal Reserve has moved to ban Mark Johnson, global head of spot FX trading at HSBC, and Stuart Scott, the bank’s former head spot trader for EMEA.
According to court documents, the Fed argues that both mens’ continued service or participation in the conduct of the affairs of any relevant depository institution posed, poses, or may pose a threat to the interests of depositors of such institution, or threatened, threatens, or may threaten to impair public confidence in such institution.
The US is to file for the extradition of HSBC’s former senior FX trader Stuart Scott from the UK to face charges under its broad wire fraud laws.
According to a report first published by Reuters the US Department of Justice has filed a letter in a in Federal court in New York, stating the US’ intention to initiate formal proceedings to seek Scott's extradition after learning he did not wish to come to the United States voluntarily to face the charges.