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.
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