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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

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

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.

Collaboration

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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About Jereco Paloma

Jereco is a registered psychometrician by profession and a practicing psychotrauma therapist who writes for a living. He has been writing for different news organizations in the past six years. Follow him for the freshest news on Health and Science, the US Elections, and World Politics.

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