FSA has banned and fined trader Nilesh Shroff for deliberately disadvantaging his customers by "pre hedging" trades without their consent. FSA banned Shroff from performing any regulated function on the grounds that he is not fit and proper and fined him £140,000. "Pre-hedging" refers to a broker trading for his firm's benefit before trading for his client, using information the client has provided. Where clients told Shroff to buy particular securities, he bought those securities for the firm first, causing the price to increase before executing the client's trades. Where clients told him to sell, Shroff sold for the firm first, decreasing the price. Morgan Stanley dismissed Shroff for gross misconduct on 28 December 2007 following an internal investigation. FSA decided that Shroff was solely responsible for his actions and Morgan Stanley were not subject to criticism in this case.