HSBC forex exec reportedly arrested in New York

A foreign exchange executive at HSBC has reportedly been arrested at New York’s John F. Kennedy airport, charged with front-running customer orders.

According to press reports, head of foreign exchange cash trading Mark Johnson has become the first person to be charged in the Justice Department’s three-year probe into forex rigging at global banks.

He is scheduled to appear before a judge in federal court in Brooklyn on Wednesday morning, charged with conspiracy to commit wire fraud, Bloomberg reported.

Back in November 2014, HSBC paid $618m to settle allegations that it had rigged the foreign exchange market.