U.S. authorities arrested and charged HSBC PLC's global head of foreign exchange cash trading Tuesday night, alleging he and others front ran a client order and netted millions in profits.

Mark Johnson was arrested by Federal Bureau of Investigation agents Tuesday night at John F. Kennedy international airport in New York, according to a person familiar with the matter. He will appear in Brooklyn federal court later Wednesday.

Mr. Johnson couldn't be reached for comment.

Federal prosecutors allege Mr. Johnson and Stuart Scott, the former HSBC European head of currency trading, traded ahead of a client's purchase of $3.4 billion worth British Sterling, the person said. They are charged with one count of conspiracy to commit wire fraud.

Mr. Scott hasn't been arrested.

An HSBC spokeswoman declined to comment.

Write to Christopher M. Matthews at christopher.matthews@wsj.com

(END) Dow Jones Newswires

July 20, 2016 10:15 ET (14:15 GMT)

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