Reports: HSBC Executive Arrested in Currency Investigation

A senior HSBC executive has been arrested in New York in
connection to the US Justice Department’s FX rigging investigation, according
to various news outlets.

These reports are naming the person arrested as Mark
Johnson, global head of FX cash trading in London, and claiming that he was
picked up by US authorities at New York’s JFK airport on Tuesday evening.

Speaking on Bloomberg
, Winnie O’Kelly, legal and financial regulation executive editor at
Bloomberg, claimed that charges will shortly be brought against Johnson for
wire fraud and that it is related to the FX market investigation that the US
Justice Department has been working on for over three years.

“It’s been really hard to bring charges against individuals,
of course the big banks they settled with. HSBC was not part of that
settlement,” she added.

Spokespeople for HSBC and the US Justice Department declined
to comment on the news.

Galen Stops

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