Page last updated: 11 August 2023

Enforcement Activity

In the event of a breach of financial markets legislation, we may intervene on an informal basis or at a low level where such action is proportionate to the misconduct and will achieve an appropriate market outcome. However, where appropriate, we will take strong action and hold individuals and entities accountable when they break the law and fail to meet the standards that are expected of them. If harm has been identified, we may also take regulatory action of some sort even though no ‘rules’ appear to have been broken.

Our enforcement activity can be viewed on this page.

Viaduct Capital & Mutual Finance

FMA prosecuted Viaduct Capital and Mutual Finance directors for theft in a special relationship and false statements made to investors.

Syndicated Trusts Limited

FMA stop order against Syndicated Trusts Limited banned advertising and taking money for financial products over misleading or non compliant offers.

Morgan DeVere Corporate Finance Limited and director Rene Moorby

FMA action against Morgan DeVere Corporate Finance and director Rene Moorby for false FSPR registration claims, ending in a fine and sentence.

Mark Stephen Talbot

FMA criminal case against Mark Stephen Talbot ended with a guilty plea for disclosure breaches plus an enforceable undertaking and $150,000 payment.

PCC decision - Richard Owen Dey and Michael Derek Wood

FMA referred audit partner rotation concerns to CA ANZ PCC, leading to March 2019 decisions for Richard Owen Dey and Michael Derek Wood.

Robert Ian South and Murray Byron Provan

FMA criminal proceedings against Robert Ian South and Murray Byron Provan for taking $605,000 from vulnerable investors ended in prison sentences.

Investigation of potential disclosure breaches during the failure of Wynyard Group Limited

FMA concludes Wynyard Group disclosure investigation finding no enforcement action after liquidation and NZX delisting in 2016.

ERoad - Hamish Sansom and Jeffrey Peter Honey

FMA case on alleged insider trading in Eroad (NZX: ERD) shares involving employees, resulting in one conviction and one acquittal.

Garry James Patterson

FMA prosecuted Garry James Patterson for unregistered financial services and obstructing an investigation involving insurance advice with sentencing.

Arena Capital/Blackfort

FMA enforcement case into Arena Capital trading as BlackfortFX involving investor deception, receivership and SFO prosecutions with convictions.

Hanover Finance, Hanover Capital & United Finance

FMA proceedings over alleged untrue disclosure by Hanover Finance, Hanover Capital and United Finance with settlements and investor distributions.

Fullerton Markets

FMA formal warning to Fullerton Markets Limited for AML CFT control failures including risk assessment, due diligence, PEP checks and monitoring.

Prince and Partners

FMA civil proceedings against Prince and Partners as Viaduct Capital trustee were settled for $4.5m under a Section 34 stand in shoes claim.

Mark Warminger

FMA civil proceedings against Mark Warminger for market manipulation trading with a High Court finding, $400,000 penalty and five year ban.

Anthony Norman Wilson

FMA prosecuted adviser Anthony Wilson for dishonest life insurance applications, forging initials and false documents, with sentencing in 2017.

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