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- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
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- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
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- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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Ex-HSBC Banker Scott Arrested on Forex Manipulation Charges
Stuart Scott, former head of HSBC currency trading in Europe, was arrested in London on U.S. charges that he, along with his direct report, Mark Johnson, conspired to rig forex markets. Johnson, who was HSBC’s global head of forex cash trading, was arrested last July as he tried to board a plane in NYC’s JFK Airport.
Since then, federal prosecutors have been trying to bring Scott to the U.S. to face charges. His arrest in London is just the first step toward fulfilling that goal. However, it may take at least another year before Scott steps foot in the U.S. – i.e., if he fights extradition.
The pair stand accused of manipulating the pound sterling by front-running a client’s (Cairn Energy Plc) $3.5 billion currency transaction. In doing so, they generated some $8 million in profit for the bank. Because the conspiracy supposed took place within the territory of New York, it is subject to U.S. jurisdiction.