A senior HSBC Holdings Plc executive pleaded not guilty Monday to charges that he participated in a fraudulent scheme to front-run a $3.5 billion currency transaction by one of the bank’s clients.
HSBC was not among those banks, but in 2014 agreed to pay $618 million to resolve related probes by U.S. and British regulators.
The U.S. Justice Department has continued to investigate, and HSBC has set aside $1.2 billion to cover various forex-related probes.
In total, HSBC earned $3 million from trades its currency traders placed, and $5 million from executing the transaction, according to the charging papers.
Article source: http://www.dailystar.com.lb//Business/International/2016/Aug-29/369524-hsbc-executive-pleads-not-guilty-in-us-over-forex-scheme.ashx