Trader's proposed FSA ban and fine scaled back by courts

Last June, the FSA proposed fining Jason Geddis £25,000 and making a prohibition order preventing him from performing any function in relation to any regulated activities for securing the price of lead contracts on the London Metal Exchange (LME) at an abnormal and artificial level. A trader at Dresdner Kleinwort Limited, Geddis had rapidly built up a position in a particular lead contract in the course of the morning of 21 November 2008 then unwound this position in the course of the LME's open outcry session, at rapidly increasing prices. In its decision notice, the FSA said Geddis ...