Just a few days after his former manager Mark Johnson was found guilty of wire fraud by a New York jury, HSBC’s former head of European FX trading, Stuart Scott, has failed in his efforts to block his extradition to the US to face similar charges.
Media reports say that Scott will appeal the decision, in a statement released at the court and cited by Bloomberg News Scott says, “We do not believe that the circumstances, if properly analysed, constitute any criminal offense when applying UK law. This case is unique in that it is a UK centric case, and represents a far too aggressive assertion of the US jurisdiction.”
Scott was charged by the US Justice Department, along with Johnson, of conspiring to defraud Cairn Energy with regard to a large sterling buy order for the firm in December 2011. Scott continues to deny he did anything wrong, although his case probably wasn’t helped by Johnson asserting during his trial that at one stage he left the handling of the order in Scott’s hands.