The Tribunal has found in favour of Jason Geddis, who FSA had fined for market abuse. On the facts of the case, the Tribunal accepted there had been market abuse, but (contrary to FSA’s findings) found Mr Geddis was a man of integrity who had acted properly when he discovered what he had done. The Tribunal agreed with Mr Geddis that, in the circumstances, a public censure was the appropriate sanction. Tracey McDermott commented that it is inevitable the Tribunal will sometimes reach a different conclusion to FSA, but said public censure would be a rare outcome to any finding of market abuse. (Source: Jason Geddis and Financial Services Authority and FSA Comments on Geddis Decision)