LONDON Dec 17 Britain's markets watchdog has
fined former derivatives trader David John Hobbs 175,000 pounds
($285,200)and banned him from working in financial services.
The Financial Conduct Authority said the Upper Tribunal
court had found that Hobbs had lied to it and to the watchdog in
relation to a coffee futures trade.
"Accordingly, he failed to demonstrate the standards of
behaviour that we expect of those who hold the privileged
position of approved person and failed in his basic
responsibility to act with integrity: if you cannot tell the
truth there is no place for you in the financial services
industry," FCA director of enforcement, Tracey McDermott, said
in a statement.
However, the Tribunal had found that Hobbs, which the FCA
said worked as a proprietary trader at Mizuho International, had
not committed market abuse in instructing Andrew Charles Kerr, a
broker at Sucden, to buy coffee futures on the LIFFE exchange in
Kerr reached a settlement with the regulator on the basis
that his role in the coffee trade amounted to market abuse.