Former HSBC Trader Denies Fraud Claims

by Marion Dakers

A former HSBC currency trader who is wanted by the United States as part of a fraud investigation has “strongly denied” claims that he ramped up the cost of a $3.5bn foreign exchange deal.

Stuart Scott, 43, has been accused of working with Mark Johnson, an HSBC executive who was bailed in New York on Wednesday, to trade ahead of a client’s currency deal to benefit the bank’s own positions, known as front-running.

“Our client strongly denies the allegations. Given there are ongoing proceedings it would be inappropriate to comment further at this time,” said Gerallt Owen, Mr Scott’s solicitor at Withers in London. A warrant has reportedly been issued for Mr Scott’s arrest.

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