HSBC Foreign Exchange Fraud: Facts About Mark Johnson & Stuart Scott, Arrested By FBI

HSBC Foreign Exchange Fraud: Facts About Mark Johnson & Stuart Scott, Arrested By FBI
HSBC, kolkata Sudipta Mallick / Flickr CC BY 2.0

The Federal Bureau of Investigation (FBI) has arrested ex-banker Mark Johnson over an alleged HSBC foreign exchange fraud, but it appears he would be staying in a posh apartment while waiting for the trial to start.


On Tuesday, FBI agents have arrested British national Johnson, the bank’s chief for foreign exchange trading, as he landed at the JFK airport. The 50-year-old HSBC top executive was arrested for allegedly rigging more than £3.5 billion worth of transaction, the Telegraph reported.

Reports show that the fraudulent transaction began when Johnson attempted to dupe a bank’s client, which could have summed to over £6 million. Officials said Johnson did the scheming transaction by conspiring with another former bank official—Stuart Scoot.


The 43-year-old Brit, who held the bank’s foreign exchange cash trading for different continents, allegedly collaborated with Johnson by using the bank’s confidential information in 2011. The duo, the reports show, orchestrated an attempt to manipulate the Dollar-Pound exchange rate.

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But Johnson was released Wednesday after posting a bail amounting to £755,000. He will be staying in a post pre-war apartment. The Art Deco-inspired apartment on Manhattan’s Upper West Side, costs Johnson a whopping £15,000 rent per month, the Standard reported.

Assistant attorney general Leslie Caldwell said the accused had manipulated foreign exchange rate to rake large sums of money from their client for their own and the bank’s benefits. Caldwell, however, refused to name the client.

“The defendants allegedly betrayed their client’s confidence and corruptly manipulated the foreign exchange market to benefit themselves and their bank. This case demonstrates the criminal division’s commitment to hold corporate executives, including at the world’s largest and most sophisticated institutions, responsible for their crimes,” Caldwell was quoted as saying by the Standard.

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  • dennis richardson

    Is it not interesting who does & who does not get arrested for banking shenanigans. Is it also true that the Rothschlld family saw the hand writing on the wall & knew what to do at the right moment in time? England made a move that could not have happened two hundred years ago, exiting a fascist organization the EU. However, when the Rothschild family saw that the exit out of the European Union was going to happen they (rumor) moved their gold out of London banks to Switzerland & created PUT options on the London stock market. They made a 2.5 trillion dollar profit? England will find themselves back in the EU when it serves these elite to do so.