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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
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.