Mark Warminger
by Susan Edmunds
Mark Warminger
He was last month found to have manipulated the market with trades of Fisher & Paykel Healthcare and A2 Milk shares.
The FMA had claimed that there were 10 instances where he had breached securities law. The judge ruled that he had only in two instances.
Warminger was accused of misusing his position with an institutional investor to trade shares not for a genuine commercial purpose but to increase their market price so that he could then transact significant off-market sales at a greater profit.
Warminger has appealed the finding and it has now been reported that the regulator has also lodged an appeal. On its part, arguing that more than two were a breach.
No penalties have yet been decided but the maximum applicable is $1 million per trade.
It was argued during the trial that there was insufficient evidence to show that Warminger’s trades amounted to market manipulation, but expert witness John McMahon testified that Warminger’s suspect trading activity created false and misleading appearances in terms of market demand, activity and pricing.
Warminger managed funds worth $669 million.
READ MORE: Court says Warminger manipulated the market
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