FSA has won its case in the Court of Appeal against Winterflood and two of its traders. In 2008, FSA had found the firm and the traders, Stephen Sotiriou and Jason Robins, had committed market abuse in relation to an illegal share-ramping scheme in an AIM-listed company. FSMT upheld FSA's decision which the firm and traders then appealed to the Court of Appeal. The Court of Appeal upheld the Tribunal's decision and, as a result, Winterflood must pay FSA's fine of £4 million and the traders must pay £200,000 and £50,000 respectively.