Mark Johnson, the bank’s global head of foreign-exchange cash trading, was arrested Tuesday at JFK International Airport, according to multiple reports.
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News of the arrest comes over five years after five global banks pleaded guilty of charges related to conspiring to alter currency benchmarks.
Back in November 2014, HSBC paid $618m to settle allegations that it had rigged the foreign exchange market.
In addition, Stuart Scott, the former head of the bank’s Europe desk, also faces wire fraud conspiracy charges, according to the New York Times.
A senior HSBC executive is scheduled to appear before a judge in a federal court in Brooklyn Wednesday morning (20 July) after being accused of committing wire fraud.
HSBC has so far declined to comment.
HSBC reported last August that it had set aside $1.3bn for possible settlements to cover costs related to ongoing legal investigations.
The Justice Department has faced skepticism over its ability to charge individuals in the case, although people familiar with the probe told Bloomberg News that charges could come by this summer.
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A lawyer for Mr Gardiner did not respond to an e-mail seeking comment.
