1 Comment 1 Commentby Susan Edmunds
The regulator has revealed that most of that money went to law firm Meredith Connell and barrister Justin Smith QC.
Warminger was found to have manipulated the market in relation to trading in two stocks.
He had to pay a $400,000 penalty.
Despite the expense, Everett said taking the case was the right thing to do.
“The integrity of New Zealand’s financial markets is a core part of the FMA’s mandate and we are satisfied our regulatory objectives were achieved in this case. Global research tells us it is not enough to have laws around market manipulation or insider trading, but that they have to be successfully enforced. The court found that the conduct in this case “was likely to materially damage the integrity or reputation of New Zealand’s securities markets.”
“The judgment shows there are serious consequences for breaking the law. These cases have a deterrence effect. Market manipulation cases are by their very nature complicated and difficult. However, the benefits of bringing such cases in terms of maintaining and promoting the integrity of New Zealand’s financial markets are clear.”
He said the FMA’s role was to uphold the law even when it was difficult, complex and costly to do so.
“We always take the public interest and the most appropriate allocation of our resources into consideration when considering how to respond to a matter. In this case, the merits of our case were proven by the court, with the judgment noting that “it was deliberate conduct by a very experienced market trader”. Warminger was found to have manipulated the market and has been held to account for his misconduct. The case is also central to our discussion with market participants around our expectations of conduct.”
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http://www.stuff.co.nz/business/92927091/more-than-14000-documents-disclosed-late-in-aborted-final-finance-company-trial
and they are having a 2nd go
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11873886