HSBC’s former head of currency trading has won a last-ditch battle to block his extradition to the US, reported Bloomberg. In the US he faces 11 charges of foreign exchange rigging which each carry a maximum 30-year prison sentence.
Stuart Scott on Tuesday, July 31, won an appeal in the UK high court against his extradition. The charges in the US relate to an alleged “front running” scheme in which he and his former boss have been accused of making more than US$8 million profit on currency deals arranged for the oil and gas exploration company Cairn Energy.
The Court of Appeal ruled that Scott should not be extradited because “most of the harm took place” in the UK and extradition was not in the interests of justice.
Scott had been charged alongside Mark Johnson, HSBC’s former head of global foreign exchange. Johnson, who is also British, was arrested at JFK airport in New York as he attempted to fly back to London in July 2016. Last year, he was found guilty of fraud and sentenced to two years in prison and fined US$300,000.
Lord Burnett, the lord chief justice, said a district judge who had allowed for Scott’s extradition had been mistaken and overturned the order.
After the ruling, Scott said he was very pleased, but declined to speak further as the US government has indicated it plans to appeal. He has denied all the charges.
Full Content: Bloomberg