Prosecutors claim Mark Johnson and others traded ahead of client purchase of British pounds
When a top executive at HSBC Holdings PLC was told a client had approved a huge currency exchange that stood to enrich the bank by millions, federal prosecutors say he couldn’t believe his luck.
“Ohhhh, f—ing Christmas,” replied Mark Johnson, the bank’s global head of foreign-exchange cash trading, according to a transcript of a call recorded in 2011.
Now, his luck has turned. The details of the call were spelled out in a criminal complaint unsealed by federal prosecutors in Brooklyn on Wednesday, hours after Mr. Johnson was arrested by federal agents at New York’s John F. Kennedy International Airport.
Prosecutors charged Mr. Johnson and a colleague, Stuart Scott, the former HSBC European head of currency trading, of fraudulently front-running a $3.5 billion currency trade for a client, in a deal that netted millions in profits for the bank.
http://www.wsj.com/articles/hsbc-foreign-exchange-executive-charged-with-front-running-order-1469021412?mod=e2fb
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