Tribunal bans trader for lying: The Tribunal has backed FCA's decision to ban and fine David Hobbs.
Previously, Mr Hobbs had appealed the then FSA's finding of market abuse, and the Tribunal had agreed
he had not committed market abuse although it found he had lied. FCA appealed to the Court the part of
the Tribunal's decision that held Mr Hobbs was fit and proper. The Court of Appeal said the Tribunal had to
consider the issue of Mr Hobb's fitness and propriety even if he was not guilty of market abuse. The
Tribunal then found that putting forward a false defence and maintaining it in evidence before the Tribunal
meant Mr Hobbs was not fit and proper. Accordingly, it upheld the ban. (Source: Tribunal Bans Trader
