LONDON, Dec 17 (Reuters) - 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 August 2007.
Kerr reached a settlement with the regulator on the basis that his role in the coffee trade amounted to market abuse.