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Tuesday 14

August, 2018 6:38 PM



Former HSBC trader wins battle against US extradition

Former HSBC trader wins battle against US extradition

A former currency trading executive at HSBC on Tuesday won an appeal against extradition from Britain to the United States over allegations of fraud.

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01.08.2018 05:12 PM

A former currency trading executive at HSBC on Tuesday won an appeal against extradition from Britain to the United States over allegations of fraud.

Stuart Scott will be discharged and remanded on bail pending any appeal by the US government, the court ruled.

Judge Ian Burnett said there were two factors against extradition: the allegations related mostly to actions in Britain and Scott had strong connections with Britain.

"The appellant's extradition is not in the interests of justice," he said.

Scott is the banking giant's one-time head of currency trading and a British court had ruled in October that he could be extradited.

Scott's British ex-boss and alleged co-conspirator Mark Johnson -- once HSBC's head of global cash foreign-exchange trading -- was convicted last year.

The US Justice Department charged the pair in July 2016 with "front-running" -- dealing on advance information -- in a $3.5 billion (3 billion euro) currency order from an energy company, which profited the bank to a tune of $8 million.

The allegations indirectly relate to the global foreign exchange-rigging scandal first exposed in 2013, which led seven banks including HSBC to pay around $10 billion in fines to UK, US and Swiss authorities.
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