1 Comment 1 CommentIt confirmed it had filed and served civil proceedings against Brian Peter Henry alleging market manipulation of shares in the NZX-listed Diligent Board Member Services.
The proceedings contain six claims alleging certain orders and trades made by Henry in 2010 breached the market manipulation provisions of the Securities Markets Act. FMA’s investigation followed a referral from NZX.
FMA Head of Enforcement, Belinda Moffat, said it was the first market manipulation case to be taken in New Zealand. “Market manipulation interferes with the integrity of New Zealand’s financial markets and harms the function of open, transparent and efficient capital markets.”
Henry was a founding member of Diligent. He left the company in March 2009.
The maximum fine for breaching the market manipulation provisions of the Securities Markets Act is $1,000,000 for each contravention.
Henry will now file his statement of defence.
This is not the Brian Henry who is an Auckland barrister and managing director of Goldman Henry capital Management and the US50 Fund.
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Craig Simpson
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