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Penalty judgment in the case of FMA v Warminger

Page last updated: 30 Jun 2017

Media release
MR No. 2017 – 30
30 June 2017

The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1978.

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.

As a result of the pecuniary penalty order Mr Warminger automatically received a 5-year management ban.

The penalty judgment notes that “the Court has found it was deliberate conduct by a very experienced market trader in an attempt to take advantage of parties on the other side of the transaction.”

A copy of the penalty judgment can be found here.

The FMA is currently considering the penalty judgment.

The original judgment is currently being appealed by Mr Warminger and cross-appealed by the FMA.

A copy of the original judgment can be found here.

Edwin Mitson
Ph: 021 702 036


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