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A former HSBC forex trader is now facing fraud charges after defrauding a client out of millions of dollars. best time to trade forex gmt will be paying Stuart Scott, who worked as the head of their currency trading, $300,000 in fines. However, the UK court has not yet decided whether he is guilty. As a result, the case will now proceed to the US for extradition. Although he strongly denies all the charges, he will be forced to pay a fine of at least $300,000.
According to prosecutors, the HSBC foreign exchange traders misappropriated confidential information from their clients and failed to follow confidentiality agreements. The traders traded in Pound Sterling for the bank's benefit rather than the clients'. The firm also admitted to misrepresenting itself to its client Cairn Energy, resulting in a profit of $38.4 million on the first transaction in March 2010 and $8 million on a subsequent transaction in December 2011. The bank subsequently employed outside firms to audit internal controls and improve trade surveillance.
HSBC also admitted to using customer information for unauthorized purposes. They also agreed to pay criminal penalties of $63.1 million and to strengthen their compliance program. In addition, they agreed to pay restitution to a corporate client in the amount of $38.4 million. The fine is reduced because of HSBC's cooperation with the investigation. HSBC is also committed to enhancing its compliance program and internal controls.
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