Former HSBC trader denies currency fraud allegations

HSBC building in Canary Wharf Image copyright Getty Images

Stuart Scott, a former HSBC employee charged with fraud in the US, has said he "strongly denies the allegations".

The 43-year-old was once in charge of foreign currency trading at the bank.

Mr Scott was accused of using inside information to profit from a $3.5bn (£2.6bn) currency deal, along with erstwhile HSBC colleague Mark Johnson.

HSBC has not commented on the allegations, but has said it is co-operating with law enforcement officials.

It is claimed that the two executives, both UK citizens, bought sterling themselves before handling a large order, because they knew that such a large transaction would push up the value of the currency, and allow them to make money.

A spokesperson for Withers, the law firm defending Mr Scott, said in a statement:

"Our client strongly denies the allegations. Given there are ongoing proceedings it would be inappropriate to comment further at this time."

Mr Johnson was released on $1m bail following a court hearing on Wednesday.

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