U.K. Court Makes It Official: Ex-HSBC Trader Won't Be Extradited

(Bloomberg) -- Stuart Scott, the former head of currency trading at HSBC Holdings Plc, won’t be sent to New York to face wire-fraud charges after U.K. judges rebuffed a request by American prosecutors.

U.K. judges say Wednesday in London that they won’t allow an appeal to Supreme Court because they don’t consider it an issue of general importance.

Key Insights

  • U.S. prosecutors had inadvertently disclosed the ruling last week in a letter to a federal judge. They later asked to have their initial letter “sealed” after learning that the U.K. ruling was “embargoed.”
  • Scott was charged, along with his ex-boss Mark Johnson, in July 2016 with front-running a $3.5 billion currency order from Cairn Energy Plc in 2011 that made the bank $8 million.

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