03 November 2023

FMA acknowledges insider trading sentence

Media Release  
MR No. 2023 – 49 

The individual found guilty of insider conduct in relation to the sale of shares in Pushpay Holdings Limited (NZX:PPH) has been sentenced to six months community detention and must pay a fine of $100,000. 

The individual, who has interim name suppression, was found guilty by a jury following a four-week trial at the High Court in Auckland in August. 

The Crown submitted that the appropriate final sentence for the offender was in the range of 26.5 to 39.5 months’ imprisonment. The maximum penalty for insider trading is a sentence of five years’ imprisonment and/or a fine of $500,000. 

Justice Gault imposed a starting point of 18 months’ imprisonment and a final sentence of six months’ community detention and a $100,000 fine.  

The case, brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – centred around the resignation and sell-down of shares of former Pushpay co-founder and Director Eliot Crowther in June 2018. The FMA considered Mr Crowther’s intention in this regard to be material information, which, if generally available, would be likely to have a material effect on the price of Pushpay’s shares at the time. The FMA alleged that the individual knew of, and used, that information to advise or encourage others to trade in the lead up to Mr Crowther’s announcement. Mr Crowther’s trading was legitimate, and he was not party to the proceedings. 

Pushpay was not party to any FMA proceeding. Pushpay cooperated with the FMA during its inquiries. 

The FMA is unable to report further details of the case due to ongoing suppression orders. 

As the offender has filed a notice of appeal against their conviction, and the FMA is considering the judgment, we are unable to comment further. 



Media contacts:  

Andrew Park  
FMA Media Relations Manager  
[email protected]
021 220 6770

Matt Chatterton  
FMA Senior Adviser, Media Relations  
matthew[email protected]
021 241 7868