The Upper Tribunal has upheld the FCA’s decision to ban Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from working in financial services.
Mr Urra, Mr Lopez and Mr Sheth have also been fined £223,400, £100,000 and £57,600 respectively.
The FCA found that Mr Urra, Mr Lopez and Mr Sheth engaged in market manipulation when trading in Italian Government Bond futures (BTP futures) from 1 June 2016 to 29 July 2016.
The Upper Tribunal agreed the trio, who worked at Mizuho International Plc, had engaged in market manipulation. Their abusive trading strategy involved placing large orders for BTP futures that they did not intend to execute, to cheat other market participants. The aim was to trick the market, to benefit their smaller, genuine orders. This is commonly referred to as ‘spoofing’.
The Upper Tribunal agreed with the FCA that the traders’ manipulative behaviour was dishonest and lacked integrity.
Steve Smart, joint executive director of enforcement and market oversight, said:
‘We’re taking action against those who abuse our markets. These traders sought to undermine its integrity by attempting to trick the market to benefit their own positions. We’re pleased the tribunal found they’re not fit to work in financial services.’
The decision to uphold the FCA’s findings is the third from the Upper Tribunal in recent weeks, following on from those against Jes Staley[1], and Craig Donaldson and David Arden[2]. It also follows recent successful criminal prosecutions for insider dealing against Matthew and Nikolas West[3], and Redinel and Oerta Korfuzi[4].
Notes to editors
- Upper Tribunal judgment [2025] UKUT 00214 (TCC)[5]
- Decision Notice 2022: Diego Urra (PDF)[6]
- Decision Notice 2022: Jorge Lopez Gonzalez (PDF)[7]
- Decision Notice 2022: Poojan Sheth (PDF)[8]
- Read our Press Release, FCA publishes Decision Notices against three bond traders for market manipulation[9] (2022)
- Mr Urra, Mr Lopez Gonzalez and Mr Sheth have 14 days to appeal the ruling.
- Find out more about the FCA[10].