The UK's Financial Conduct Authority (FCA) announced that the Upper Tribunal has upheld its decision to ban Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from working in financial services and to fine them for market manipulation. The FCA found the three traders, who worked at Mizuho International Plc, manipulated Italian Government Bond futures (BTP futures) between 1 June 2016 and 29 July 2016 by placing large orders they did not intend to execute in order to mislead other market participants and benefit smaller genuine orders, a strategy commonly known as spoofing. The Upper Tribunal agreed the conduct was dishonest and lacked integrity, and upheld fines of GBP 223,400 (Urra), GBP 100,000 (Lopez Gonzalez) and GBP 57,600 (Sheth). Mr Urra, Mr Lopez Gonzalez and Mr Sheth have 14 days to appeal the ruling.
Financial Conduct Authority 2025-07-01
UK Financial Conduct Authority bans and fines three Mizuho traders as Upper Tribunal upholds BTP futures spoofing findings
The UK's Financial Conduct Authority (FCA) announced the Upper Tribunal upheld its decision to ban Diego Urra, Jorge Lopez Gonzalez, and Poojan Sheth from financial services and fine them for market manipulation. The traders, formerly of Mizuho International Plc, were found guilty of spoofing Italian Government Bond futures in 2016. The Tribunal confirmed fines of GBP 223,400 for Urra, GBP 100,000 for Lopez Gonzalez, and GBP 57,600 for Sheth.