Deals
HSBC Currency Scheme May Have Involved 11 Others, U.S. Says
- Mark Johnson is accused of front-running a large order
- Prosecution is the first of its kind brought by U.S.
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A foreign exchange front-running conspiracy at HSBC Holdings Plc may have involved at least 11 bank employees beyond the two executives who have been charged with crimes, a prosecutor said.
Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, is scheduled to go on trial Sept. 18 in New York, accused of illegally using his knowledge to profit from a pending $3.5 billion currency transaction in 2011.