Based on the investigation, the FMA filed criminal charges against Mr Talbot in relation to the following offences under the Securities Markets Act 1988 (SMA):
The Crown Solicitor and Mr Talbot have since agreed to a resolution of the charges. As part of this resolution, Mr Talbot has entered a guilty plea to one representative charge for the breach of his disclosure obligations under sections 19T and 19ZD of the SMA. See media release.
A copy of the High court sentencing notes can be found here.
Mr Talbot has agreed to enter into this enforceable undertaking with the FMA. He undertakes that he will not be a director or promoter of, or in any way (whether directly or indirectly) be concerned or take part in the management of, a listed issuer, as that term is defined in the Financial Markets Conduct Act 2013, for a period of 5 years from the date this enforceable undertaking is executed by both parties. The Penalty Sum of $150,000 will also be paid into a Crown Bank Account, after deducting the FMA's actual costs incurred in connection with its investigation into this matter.
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