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- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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.