Two top HSBC executives arrestedNEW YORK -- U.S. prosecutors announced charges Wednesday against two top HSBC executives over a fraudulent foreign exchange trading scheme that netted some US$8 million at the expense of a bank client. Mark Johnson, the head of global foreign exchange cash trading, was arrested at John F. Kennedy international airport Tuesday night in New York, the Justice Department said. U.S. officials also charged Stuart Scott, HSBC's former head of foreign exchange cash trading for Europe. In May 2015, U.S. and British regulators fined six major banks a total of nearly US$6 billion for rigging foreign exchange market and Libor interest rates. The arrests follow major enforcement cases against big banks over rigging of the foreign exchange market.

Source: The China Post July 21, 2016 16:30 UTC