The FSA issued a Decision Notice against David Hobbs, a proprietary trader at Mizuho International plc, in July 2010, for market abuse in instructing a broker to buy certain coffee futures in August 2007 (that broker, Andrew Kerr, was fined £100,000 by the FSA in June 2010 for engaging in market abuse). Mr Hobbs referred the Decision Notice to the FSA’s Upper Tribunal (Tax and Chancery Chamber) in August 2010, and in November 2012 the Tribunal found in Mr Hobbs’ favour, instructing the FSA to take no action against him.

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