Former HSBC executive arrested in U.S. forex case

Former HSBC executive arrested in U.S. forex case

LONDON, June 8 British authorities have arrested Stuart Scott, a former senior HSBC executive accused of participating in a fraudulent scheme involving a $3.5 billion currency transaction, according to a US court filing seen by Reuters on Thursday.

Scott insists the accusations are untrue and sources close to him said that he would fight extradition proceedings to the US.

A second Briton, Mark Johnson, who was HSBC's global head of foreign exchange trading, is accused of the same crimes.

Stuart Scott, HSBC's European head of foreign exchange trading in London until December 2014, and a colleague are accused of defrauding clients and alleged to have "corruptly manipulated the foreign exchange market to benefit themselves and their bank".

He appeared at Westminster Magistrates' Court on Wednesday, according to a papers filed by acting United States attorney Bridget Rohde.

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"Our client strongly denies the allegations", said Scott's solicitor, Anne Davies of Gunner Cooke. And given there are ongoing proceedings it would be inappropriate to comment further at.

Mr Johnson has pleaded not guilty to a charge of wire fraud and conspiracy and is on bail awaiting trial.

It is alleged the two men "caused the 3.5 billion dollars (£2.7 billion) foreign exchange transaction to be executed in a manner that was created to spike the price of the pound sterling, to the benefit of HSBC and at the expense of their client". HSBC was not among those banks, but in 2014 agreed to pay $618 million to resolve related probes by USA and British regulators.

U.S. prosecutors allege that Scott and Johnson front-run a customer order worth $3.5bn in sterling in late 2011 to net HSBC around $8m in profit.

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