The Upper Tribunal, Tax and Chancery Chamber (Court), a U.K. Superior Court of Record, recently affirmed, with minor modification, a decision notice by the Financial Conduct Authority (FCA) to withdraw approval from, and to impose an industry ban and a record financial penalty on, a hedge fund manager who used bonds of questionable provenance to conceal his fund’s substantial trading losses. On bond trading, see “Puffery or Securities Fraud? Litvak Conviction Sheds Light on Permissible Bounds of Bond Sales Talk and the Evidentiary Power of Bloomberg Chats,” Hedge Fund Law Report, Vol. 7, No. 11 (Mar. 21, 2014). The Court’s decision, involving Alberto Micalizzi and DD Growth Premium Master Fund, provides insight on the legal standards involved in U.K. investment adviser fraud cases and the penalties that the FCA may impose. See also “FSA Bans Hedge Fund Firm Dynamic Decisions and Imposes Highest-Ever Fine on an Individual in a Non-Market Abuse Case Against CEO Alberto Micalizzi,” Hedge Fund Law Report, Vol. 5, No. 24 (Jun. 14, 2012).