UK: HSBC Foreign-Exchange Executive Charged With Fraudulent Trading
21 Jul 2016

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.

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.

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