The Supreme Court confirmed the ruling of the UK’s Economic Behavior Authority (FCA) on the ban on Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from work in financial services.
Mr Urra, Mr Lopez and Mr Sheth have also been fined £ 223,400, £ 100,000 and £ 57,600 respectively.
FCA found that Mr Urra, Mr Lopez and Mr Seth were involved in market manipulation during the negotiation of Italian government bond contracts (Futures BTP) from June 1, 2016 to July 29, 2016.
The Supreme Court agreed that the trio, who worked at the Mizuho International PLC, had been involved in market manipulation. Their abusive trafficking strategy included the placement of large orders for BTP contracts that do not intend to execute, deceive other market participants. The goal was to deceive the market to benefit their smaller, genuine orders. This is usually referred to as “forgery”.
The Supreme Court agreed with the FCA that traders’ behavior was dishonest and had no integrity.
The decision to support FCA’s findings is the third by the Supreme Court in recent weeks, following those against Jes Staley, and Craig Donaldson and David Arden. There is also recent successful criminal results for confidential confidence against Matthew and Nikolas West and Redinel and Oerta Korfuzi.