The payment includes a US$63.1 million fine and US$38.4 million in restitution to a corporate client, Reuters reports, citing a deferred prosecution agreement (DPA) filed on Thursday in a NY court. "The Department of Justice takes these types of cases seriously and will hold to account financial institutions and individuals that circumvent the rule of law in favor of illicit profits".
In October, a federal jury in Brooklyn convicted Mark Johnson, the former head of HSBC's global foreign exchange cash trading desk, of trading ahead of a US$3.5 billion currency transaction by his client Cairn Energy.
"HSBC is committed to ensuring fair outcomes for its customers and protecting the orderly and transparent operation of the markets", the bank said.
Thursday's revelations show Johnson's actions connected directly to HSBC itself, while detailing another scheme that prosecutors said showed the bank profited handsomely from the front-running trading practice.
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Rana Gurjit was caught up in a controversy related to sand mine auction in May. Rana Gurjit had submitted his resignation to Amarinder a few days ago.
It is not the first time HSBC has been in trouble with U.S. authorities.
According to HSBC's admissions, on two separate occasions in 2010 and 2011, traders on its foreign exchange desk misused confidential information provided to them by clients that hired HSBC to execute multi-billion dollar foreign exchange transactions involving the British Pound Sterling.
USA officials only identified one of the two clients - the British oil and gas explorer Cairn Energy.
Pursuant to its agreement with the Justice Department, HSBC agreed to pay a criminal penalty of $63.1 million. HSBC noted that the payment reflected a 15-percent reduction in the fine amount in recognition of the bank's cooperation during the investigation as well as its "extensive remediation".
Israeli judge detains teen until trial for viral 'slap video'
The Tamimi family are well-known activists in Nabi Saleh, and have led the village's non-violent resistance for almost a decade. The judge's decision on Wednesday raises the possibility she could spend months in custody before the conclusion of her case.
But that HSBC soon "changed course" after prodding from the government, earning "substantial cooperation credit".
Prosecutors charged the bank with two counts of wire fraud.
The banking giant was fined US$1.92 billion in that case.
Democrats Just Admitted Their Goal is to Shutdown the Government
The 230-197 House vote came after a day of legislative wrangling and confusion as the government neared a Friday night deadline. Ryan acknowledged his leadership team is still rounding up the votes but said, "I feel we're making real good progress".
Thursday's settlement comes barely a month after the lapse of a landmark five-year, US$1.9-billion deal between USA authorities and HSBC in which the British lender avoided prosecution after admitting in 2012 to widespread money-laundering and sanctions violations. The U.S. Attorney's Office for the Eastern District of NY and the Criminal Division's Office of International Affairs provided significant support.