The FMA alleges that an Eroad employee sent text messages to a former Eroad employee that contained confidential material information relating to Eroad’s performance in the period to 30 September 2015. That individual then traded 15,000 Eroad shares.
Jury found Hamish Marc Sansom not guilty of selling Eroad shares as a result of a tip from a fellow company employee.
The High Court jury in Auckland accepted Sansom's defense that the tip was a coincidence of timing and he was already planning to sell the shares to pay a debt to his builder.
A trial at the High Court for Mr Sansom resulted in a hung jury. He faces one charge of insider trading under section 241 Financial Markets Conduct Act – namely, information insider must not trade.
Defendant, Jeffrey Peter Honey pleaded guilty at the Auckland District Court to one charge of insider trading under section 243 Financial Markets Conduct Act - namely, being an information insider advising or encouraging another person to trade. See media release.
Charges filed in court: The FMA filed charges in the Auckland District Court alleging breaches of the insider trading prohibitions contained in the Financial Markets Conduct Act 2013 (FMCA). The charges were filed in relation to trading in shares of Eroad (NZX:ERD). The individuals charged are a current and a former Eroad employee. See media release.