FMA issued civil proceedings in the High Court against Mark Warminger for alleged market manipulation during his employment at Milford Asset Management Limited. The allegations against Warminger included that he:
The judgment from March 2017 and penalty decision from June 2017 stand and this brings these civil proceedings to a close. In the High Court Venning J found that, in relation to two of the causes of action, Mr Warminger had committed market manipulation. The High Court ordered that Mr Warminger pay a pecuniary penalty of $400,000 for these breaches of the Securities Markets Act 1988. As a result of the finding, an automatic five-year management ban applies to Mr Warminger.
High Court decision regarding pecuniary penalty hearing handed down. Venning J found that the starting point for the two contraventions was a penalty of $500,000 and applied a reduction in penalty of $100,000 to recognise Mr Warminger’s personal circumstances. See media release.
See penalty judgment.
The FMA filed a cross appeal in the Court of Appeal.
Mr Warminger filed an appeal in the Court of Appeal.
High court decision was handed down by Venning J.
The hearing commenced in the High Court at Auckland and concluded on 20 October 2016. The decision has been reserved.
The matter was called at the Auckland High Court and timetabling orders were made.
A hearing date has been allocated for this matter in the Auckland High Court on 26 September 2016.
The FMA has filed a statement of reply.
Mr Warminger has filed a statement of defence.
The FMA filed and served civil proceedings against Mr Warminger seeking pecuniary penalties for alleged breaches of the Securities Markets Act 1988 relating to trading carried out between December 2013 and August 2014 which the FMA alleges amounted to market manipulation. See media release.