HSBC Bank's chief of foreign exchange cash trading arrested

AP News
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Posted: Jul 20, 2016 5:48 PM
HSBC Bank's chief of foreign exchange cash trading arrested

NEW YORK (AP) — HSBC Bank's head of foreign exchange cash trading has been released on $1 million bail after his arrest at a New York airport.

Federal prosecutors say 50-year-old Mark Johnson was arrested Tuesday night at Kennedy Airport. He was released after an initial appearance in Brooklyn federal court Wednesday.

U.S. Attorney Robert Capers says Johnson put personal and company profits ahead of his customers' needs. Johnson is a United Kingdom citizen and U.S. resident.

An attorney for Johnson declined comment.

Assistant Attorney General Leslie Caldwell says Johnson and a co-defendant from the United Kingdom corruptly manipulated the foreign exchange market.

Authorities say the men generated $8 million from a single 2011 transaction, some of it illegally.

The bank isn't accused of any wrongdoing.