Report: Megabank executive charged with rigging exchanges

[Geee]

Washington Examiner:

A top official at a global bank reportedly has been charged by the Department of Justice for fraud, as part of a larger government probe into bank manipulations of foreign exchange markets.

 

Mark Johnson, the head of foreign-exchange cash trading for the London-based HSBC, was arrested Tuesday in New York City and will appear in a federal court Wednesday on charges of conspiracy to commit wire fraud, according to a report from Bloomberg.

 

Johnson is accused of rigging benchmarks used in foreign exchange transactions, a crime that would be related to the charges for which five banks settled with the Justice Department in 2014 for $618 million.

 

Neither the Justice Department nor HSBC immediately replied to a request for comment.

 

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I believe this is something similar to what Soros was convicted of in Europe