OCC Issues Suspension Notice to FOREX Executive

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a notice of suspension to Mark Johnson, Global Head of Foreign Exchange and Commodities, Americas, HSBC Bank USA, N.A.

The notice suspends Mr. Johnson from office and prohibits him from further participation in any manner in the conduct of the affairs of the bank, and additionally prohibits him from participating in any manner in the conduct of the affairs of any depository institution, until final disposition of the criminal charges against him or until the suspension is terminated by the OCC.

On July 19, 2016, the United States issued a criminal complaint against Mr. Johnson in the U.S. District Court for the Eastern District of New York, on a felony charge alleging conspiracy to commit wire fraud. On August 16, 2016, a Federal Grand Jury in the Eastern District of New York returned an indictment against Mr. Johnson alleging felony charges of conspiracy to commit wire fraud and ten counts of wire fraud. Mr. Johnson was not an officer of the bank at the time of the alleged offenses.

Mr. Johnson was serving as an officer of the bank at the time the criminal complaint and indictment were issued. The OCC determined that the felony charges involve dishonesty and a breach of trust, that his continued service may threaten to impair public confidence in the Bank, and that it was therefore appropriate to suspend Mr. Johnson from office.

Concurrent with the OCC’s enforcement action, the Federal Reserve also issued a notice of suspension against Mr. Johnson.

Pursuant to federal law, Mr. Johnson may request an informal hearing challenging the OCC’s finding that his continued service may threaten to impair public confidence in the bank.

Related Link

• Notice of Suspension to Mark Johnson (PDF)