HSBC’s former head of currency trading in London can be extradited to the U.S. to face fraud charges, a London court ruled, three days after his old boss was convicted over the same allegations.
“We do not believe that the circumstances, if properly analyzed, constitute any criminal offense when applying U.K. law,” Scott said in a written statement, handed out in court by his lawyer. “This case is unique in that it is a U.K. centric case, and represents a far too aggressive assertion of the U.S. jurisdiction.”
The 45-year-old was charged, along with his ex-boss Mark Johnson, by the U.S. Justice Department in July 2016 with front-running a $3.5 billion currency order from Cairn Energy Plc in 2011 that made the bank $8 million in profits. Johnson, 51, was convicted by a New York jury on Monday and will be sentenced in the coming weeks. Each of the nine counts he was found guilty on carries a maximum 20-year prison sentence, though he will likely receive a much shorter term.
Hit the link below to access the complete Bloomberg News article: