Home Business NewsBusiness HSBC trader released on $1m bill amid $3.5bn currency probe

HSBC trader released on $1m bill amid $3.5bn currency probe

by LLB Reporter
21st Jul 16 12:08 pm

Johnson left HSBC in 2011

British HSBC executive Mark Johnson, who was arrested yesterday by FBI agents at JFK airport, has been released on $1m bail.

Johnson was charged with fraud linked to a giant $3.5bn currency trade as part of the US Department of Justice’s investigation into foreign exchange trading.

Johnson along with another trader Stuart Scott left HSBC in December 2014 facing charges of conspiring to defraud a client.

It has been alleged that HSBC made $8m through a conversion of $3.5bn into sterling for a client in December 2011.

Johnson appeared before Judge Lois Bloom to be granted $1m bail.

“The risk is not that he won’t have access to funds,” said Judge Bloom. “The risk is not that he is a danger to the community.”

She ordered him to surrender his passport and not contact either his co-defendant or the victims.

“You’re under a microscope,” she told him

 

 

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