Cases before the courts

Current at 19 January 2016

Murray Alcock and Allister Knight - SPI

This criminal proceeding relates to allegations that Murray Alcock and Allister Knight, as Directors of SPI Capital Limited and SPI Property Limited, failed to deliver financial statements to the Registrar of Companies under ss 18(1) & 38(b) Financial Reporting Act 1993.

21 September 2015

Mr Knight and Mr Alcock have completed the repayment in full of the outstanding principal of $601,394.12 owed to investors of SPI Property Fund Limited.

30 April 2015

The directors, Murray Alcock and Allister Knight, were each fined $25,312 for failing to deliver audited financial statements for SPI Property Fund Limited to the Registrar of Companies for the years ending 2011, 2012 and 2013. 

5 March 2015 Messrs Alcock and Knight appeared in the District Court on 5 March 2015 for sentencing. The Judge’s decision has been reserved and will be released on 30 April 2015.
31 October 2014 Messrs Alcock and Knight appeared in the Auckland District Court and each entered guilty pleas to 3 charges under the Financial Reporting Act relating to a failure to deliver financial statements for SPI Property Limited. Sentencing will take place on 29 January 2015 in the Auckland District Court.
12 September 2014 Messrs Alcock and Knight will make their second appearance and will be required to enter a plea.
30 July 2014 Messrs Alcock and Knight will make their first appearance in the Auckland District Court on 30 July 2014.

 

Archer Capital and Healthcare Industry

This civil proceeding relates to allegations of breaches of the substantial shareholder disclosure obligations contained in the Securities Markets Act 1988.
  A 3 week hearing has been scheduled to commence on 1 August 2016.
26 March 2015 A Case Management Conference took place in the High Court at Auckland and timetabling orders were made.
10 December 2014 FMA filed replies to the HIL and Archer statements of defence.
28 November 2014 HIL and Archer each filed statements of defence.
1 October 2014 The Financial Markets Authority (FMA) has filed and served civil proceedings against Archer Capital (Pty) Limited (Archer) and Healthcare Industry Limited (HIL). The proceedings are for alleged breaches of the substantial shareholder disclosure obligations contained in the Securities Markets Act 1988, in relation to shares in Abano Healthcare Group Limited (Abano).

 

Excelsior Markets Limited (Excelsior)

Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act) the FMA can direct deregistration of registered financial service providers when the FMA considers it necessary and desirable to do so after taking into account the criteria set out in section 18A of the FSP Act.  Section 42 of the FSP Act provides a right of appeal to the High Court in the event a financial service provider is not satisfied with the FMA’s direction.

18 December 2015

Justice Nation delivered his judgment dismissing Excelsior’s appeal

29 September 2015

Hearing before Justice Nation in the High Court at Auckland

19 June 2015

Excelsior filed a Notice of Appeal pursuant to section 42 FSP Act appealing the FMA’s direction to the Registrar of the Financial Service Providers Register that it de-registers Excelsior.

4 May 2015

Under section 18B FSP Act, the FMA directed the Registrar of the Financial Service Providers Register to de-register Excelsior.

 

Justin Prain and Mark Schroeder - Apple Fields

This proceeding relates to allegations that Messrs Prain and Schroeder, as Directors of Apple Fields Limited failed to deliver financial statements to the Registrar of Companies under ss 18(1) & 38(b) Financial Reporting Act 1993.

30 June 2016 The Court of Appeal issued a decision allowing the appeal and quashing the orders made in the District Court
11 January 2016 The High Court issued a decision dismissing the directors’ appeal.
29 September 2015 The appeal hearing was held in the Christchurch High Court.  The Judge’s decision has been reserved.
16 June 2015 The directors filed an appeal against both the substantive decision and the sentence.  The appeal will be heard in the Christchurch High Court on 29 September 2015.
25 May 2015

The directors were fined $30,000 each at the Christchurch District Court for failing to deliver financial statements to the Registrar of Companies for the years ending 2011, 2012 and 2013.

20 February 2015 The Judge issued a decision in the Christchurch District Court and found that the directors had breached the Financial Reporting Act. Sentencing will take place on 25 May 2015.
24 July 2014 A hearing date has been allocated for this matter in the Christchurch District Court on 20 November 2014.
12 June 2014 Messrs Prain and Schroder appeared in the Christchurch District Court on 12 June 2014 and each pleaded not guilty to all charges. The matter has been allocated a Case Review Hearing on 24 July 2014.

 

Prince and Partners Trustee Company Limited

This civil proceeding against Prince and Partners Trustee Company Limited (Prince) has been brought by FMA under section 34 of the Financial Markets Authority Act. In bringing the claim, FMA is exercising the rights of action of investors not covered by the Retail Deposit Crown Guarantee and the New Zealand Treasury. Prince was the trustee for finance company Viaduct Capital Limited (Viaduct). Viaduct collapsed in 2009. FMA alleges that Prince breached the obligations it owed to Viaduct investors and to the Treasury (the Crown) under the Retail Deposit Crown Guarantee.
29 June 2016

A trial date of 21 August 2017 has been allocated.

28 October 2015 A case management conference took place and further timetabling orders were made.
10 February 2015 A case management conference took place in the High Court at Auckland and timetabling orders were made.
3 September 2014 The Court made orders confirming that FMA may control these proceedings.
18 August 2014 FMA served civil proceedings on Prince.

 

Andrew Robinson and Mark Turnock

The criminal proceeding brought by FMA relates to allegations of breaches of the Financial Reporting Act, Financial Advisers Act and Financial Service Providers (Registration and Dispute Resolution) Act. The Serious Fraud Office has also laid separate charges under the Crimes Act against Mr Robinson.

22 June 2016 Mr Turnock was sentenced to four months’ home detention and 200 hours of community work.
  A disputed facts hearing in relation to the charges brought by the FMA against Mr Turnock has been scheduled to commence 17 February 2016.
27 October 2015 Mr Robinson was sentenced to 12 months imprisonment on the charges brought by the FMA.
9 October 2015 Mr Turnock pleaded guilty to a charge brought by the FMA.  Mr Turnock will be sentenced on 24 November 2015. 
30 September 2015

Mr Robinson pleaded guilty to the charges brought by the FMA.  Mr Robinson will be sentenced on 27 October 2015.

20 April 2015

An adjournment of the trial has been granted on the application of one of the defendants.  The matter will now be heard on 12 October 2015.

17 September 2014

Mr Turnock and Mr Robinson appeared in the High Court for a case review hearing.

9 July 2014

A 2 week trial on the FMA charges has been scheduled for April 2015.

2 July 2014

FMA’s prosecution of both Mr Turnock and Mr Robinson has been transferred to the High Court. A two week trial has been allocated for April 2015. Mr Turnock will next appear before the court on 9 July 2014.

2 April 2014

Mr Turnock and Mr Robinson have both been remanded on residential bail conditions and will next appear before the Court on 24 June 2014.

4 March 2014

Mr Turnock has been remanded on residential bail conditions until a further call over hearing on 15 April 2014. Mr Robinson will now next appear before the Court on 2 April 2014.

4 December 2013

Mr Robinson and Mr Turnock attended a Case Review Hearing on 4 December 2013. Mr Turnock has been remanded on residential bail conditions until a further call over hearing on 4 March 2014 and Mr Robinson will next appear before the Court on 20 March 2014.

26 September 2013

Mr Robinson and Mr Turnock pleaded not guilty to all SFO and FMA charges and opted for trial in front of a jury. Both were remanded on residential bail conditions until their Case Review Hearing on 4 December 2013.

5 September 2013

Following a joint investigation into the activities of Auckland based company Strategic Planning Group Limited (SPG), the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA) have laid charges against former financial adviser Andrew Hrothgar Robinson (40).

Mr Robinson was a director of Strategic Planning Group Limited (SPG) and is a current director of SPG Investment Company No.1 Limited (SPGI).

Mr Robinson appeared in the Auckland District Court to face five charges laid by SFO under the Crimes Act of theft by person in a special relationship and one charge of dishonestly using a document.

It is alleged that Mr Robinson stole investor funds of approximately $3 million to repay the investments of other investors and to pay for some business and personal expenses between 2010 and 2012. It is further alleged Mr Robinson made false statements in various investment reports.

FMA has laid one charge against Mr Robinson under the Financial Service Providers Act for providing a broking service without being registered, and one charge of knowingly making a false statement in his application to become an Authorised Financial Adviser (AFA) under the Financial Advisers Act.

FMA has laid additional charges against Mr Robinson and a co-director of SPGI, Mark Andrew Turnock. They each face two charges under the Financial Reporting Act of making false statements in the SPGI financial documents. SFO has not laid charges against Mr Turnock.

 

Ross Asset Management Limited/David Ross

The criminal proceeding brought against Mr Ross by FMA relates to allegations of breaches of the Financial Markets Act, Financial Advisers Act and Financial Service Providers (Registration and Dispute Resolution) Act. The Serious Fraud Office has also laid four Crimes Act charges of false accounting and one charge of theft by person in special relationship against Mr Ross.

The FMA and SFO charges are being heard together.

25 June 2015

David Ross's appeal was declined by the Court of Appeal.

April 2014

David Ross’s appeal against the minimum non-parole period ordered by the District Court will be heard by the Court of Appeal in Wellington on 11 June 2014.

10 February 2014

The Financial Markets Disciplinary Committee today dismissed FMA's complaint against David Ross after FMA informed the Committee that it did not consider that it was in the public interest for the complaint to proceed. The complaint (for breaches of the Code of Professional Conduct for AFAs) was adjourned in August last year pending the completion of the criminal proceedings against Mr Ross, after criminal charges were laid by FMA and the Serious Fraud Office. Mr Ross pleaded guilty to the charges and in November 2013 he was sentenced to 10 years and 10 months imprisonment.

FMA's decision not to proceed with its complaint was made on the basis that Mr Ross' conduct had been firmly censured through the judgment of the District Court which recorded the dishonesty and breach of trust by Mr Ross and the harm and suffering which his conduct had caused and because Mr Ross' AFA status has also been terminated. FMA advised the FADC that a determination by the Committee would not provide any further protection, deterrence or punishment beyond what has been delivered through the criminal justice process. Consistent with its position in the criminal proceeding, FMA did not seek a fine as it considers any funds that may be available should be paid to investors through the receivership. While FMA was of the view that there has been a clear breach of the Code, it did not consider it was in the public interest to continue with this case for these reasons. FMA will continue to support investors' interests by working with the receivers and liquidators to achieve recoveries for investors where possible.

13 December 2013

David Ross has filed an appeal against the minimum non-parole period ordered by the Court on the basis that it was manifestly excessive and/or inappropriate. No date has yet been allocated for the appeal hearing.

15 November 2013

David Robert Gilmour Ross (63) was sentenced in the Wellington District Court today to 10 years and 10 months of imprisonment.

This follows Mr Ross having pleaded guilty in August to four Crimes Act charges of false accounting and one charge of theft by person in special relationship laid by the SFO, and charges laid by FMA for providing a financial service without being registered for that service, knowingly making a false declaration to FMA for the purposes of obtaining authorisation as an Authorised Financial Adviser (AFA) and producing documents to FMA which he knew to be false or misleading.

The Court directed that Mr Ross serve a minimum non-parole period of 5 years and 5 months and also ordered that reparation be paid from Mr Ross' personal assets through the Receivership.

8 November 2013

A hearing took place in the Wellington High Court on 4 November, in relation to the asset preservation orders which FMA has obtained over the assets of David Ross, Ross Asset Management and related entities.

The asset preservation orders have now been extended to the assets of the DRG Ross Family Trust, also known as the David Robert Gilmour Ross Family Trust. John Fisk and David Bridgman have also been appointed as receivers over this trust, on the condition that the receivers cannot sell any assets of this trust without further Court order. The existing asset preservation orders remain in place.

24 October 2013

Mr Ross appeared at the Wellington District Court today and was remanded in custody to reappear on 15 November for sentencing.

29 August 2013

David Ross today pleaded guilty in the Wellington District Court to charges laid by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA).

Mr Ross has been remanded in custody to reappear on 24 October to set a sentencing date.

22 August 2013

David Ross appeared in the Wellington District Court this morning for a case review hearing.

He was remanded on bail until 10.00am on 29 August when he will reappear in the Wellington District Court.

5 July 2013

David Ross appeared at the Wellington District Court today. Mr Ross was remanded without plea to reappear on 22 August 2013 at 10am for a case review.

28 June 2013

The Financial Markets Authority (FMA) has today laid three charges against Mr Ross in the Wellington District Court under financial markets legislation.

Mr Ross next appears before the Court on 5 July 2013.

FMA has issued a press release and will not be making any further comment regarding these charges while the matter is before the Courts. Asset preservation orders obtained by FMA under the Financial Advisers Act with respect to Mr Ross and his related entities remain in place and work by the liquidators (PwC) continues.

13 June 2013

PwC has just released the third Liquidation Committee report. A copy of this can be found here on PwC's website.

Charges have today been laid by the Serious Fraud Office (SFO) against Mr Ross in the Wellington District Court today. The charges follow a joint agency investigation between SFO and the Financial Markets Authority (FMA).

Mr Ross appeared in the Wellington District Court this morning and has been remanded on bail to appear again on 4 July 2013.

As criminal charges have now been laid with the Courts, FMA will not be making any further additional comments in relation to these charges.

FMA's investigation under the Financial Advisers Act continues. Asset preservation orders obtained under the Financial Advisers Act by FMA with respect to Mr Ross and his related entities remain in place.

The liquidators (PwC) have released the third Liquidation Committee report. A copy of this can be found here on PwC's website.

A copy of a joint press release between SFO and FMA can be found here.

30 April 2013

PwC has released the results of the second Liquidation Committee report. A copy of this can be found here on PwC's website.

25 March 2013

A hearing took place in the Wellington High Court today, before Justice Kós, in relation to the asset preservation orders which FMA has obtained over the assets of David Ross, Ross Asset Management and related entities.

The parties have agreed that now the liquidators (Messrs Fisk and Bridgeman) have been appointed over the Ross companies, the receiver is no longer required. Although orders were sought to remove Mr Fisk and Mr Bridgman as receivers over the Ross related companies, they will both remain as liquidators over these companies. All other aspects of the asset preservation orders remain in place, including the freeze over assets.

The receivers will shortly file their final receivers' report with the Court.

Information regarding the liquidations can be found on PWC's website.

While the liquidation process continues, there is no immediate need for a future Court date and Justice Kós has agreed to adjourn the matter until further notice. FMA or the named defendants can request a hearing if required, on five working days' notice.

The investigation being conducted by FMA and SFO is on-going and Mr Ross is continuing to co-operate with inquiries.

FMA will issue a questionnaire to all investors seeking further information, relevant to the investigations and asks that all investors complete this questionnaire to assist with the on-going investigation.

 21 December 2012

PwC released its first liquidators report. A copy of this can be found here on PwC's website.

Background Information

17 December 2012

The Court ordered the liquidation of four of the Ross Group entities today:

  • Ross Asset Management Limited (RAM)
  • Bevis Marks Corporation Limited
  • Mercury Asset Management Limited
  • McIntosh Asset Management Limited

Remuneration rates for John Fisk and David Bridgman, as appointed liquidators, were also approved by the Court. FMA supported the liquidation applications and the appointment of the liquidators. The liquidators intend to release their first report on 21 December 2012 and this will be posted on PwC's website and sent out to investors who have provided their contact details to PwC.

11 December 2012

On 3 December 2012 PwC, the Receivers and Managers of the Ross Group, submitted liquidation applications to the High Court for a number of the companies currently in receivership. A High Court hearing date for the liquidation applications has now been set for Monday, 17 December 2012.

Last Friday, a memorandum was filed by the parties, requesting the Court hearing scheduled for this morning regarding the asset preservation orders be adjourned until early 2013, after the first hearing of the liquidation applications. That will allow FMA to update the Court then on the outcome of those liquidation applications. The Court agreed to the adjournment and the asset preservation orders will continue and will now be heard on 4 February 2013.

6 December 2012

FMA's investigation into David Ross and Ross Asset Management and related entities (in Receivership) is continuing and is being co-ordinated with SFO's investigation.

FMA is investigating possible breaches of financial markets legislation. To date, we have received some information from investors and we have requested further information from the Receivers, PwC, which is relevant to our investigation.

We will shortly be writing to all investors to ask for more specific information about their investments with Ross Asset Management. It is important that investors assist FMA in its inquiries. The investigation into Ross Asset Management is large and complex and will take time to complete.

FMA and SFO will continue to work together to ensure the investigation is progressed as quickly as possible.

In the meantime, if any investor invested with Ross Asset Management on the recommendation of an Authorised Financial Adviser, or on the recommendation of a lawyer or accountant, we would be grateful if they could provide details to us. We ask that they contact FMA on http://www.fma.govt.nz/contact-us.

Any inquiries with respect to FMA's investigation should be directed to http://www.fma.govt.nz/contact-us.

Background: Following the receipt of complaints from investors, on 25 October FMA commenced an investigation into the affairs of David Ross, Ross Asset Management Limited and related entities (the "Ross Entities") and specifically, compliance with the Financial Advisers Act 2008. As a result of information obtained by FMA on 2 and 6 November, FMA obtained court orders freezing the assets of the Ross Entities and appointing a receiver over the Ross Entities in order to preserve assets for investors while the investigation continues. The Receivers activities, including the proposed liquidation are focused on identifying and preserving assets.

3 December 2012

PwC, the Receivers and Managers of the Ross Group, today submitted liquidation applications to the High Court of New Zealand for a number of the companies currently in receivership. A High Court hearing date of Monday, 17 December 2012 has been allocated.

This is consistent with PwC's Report and Memorandum of Counsel submitted and presented to the High Court of New Zealand for review (respectively on 15 November and 23 November 2012).

Today, FMA provided Bruce Tichbon, representative of the RAM Investor Group, with an update. A copy of that letter can be found here.

26 November 2012

The Financial Markets Authority has today provided the High Court in Wellington with an update on progress on Ross Asset Management Limited and related entities (in Receivership).

The Court was advised by FMA and PwC that they consider liquidation of some of the companies to be the next step. An application to put some of the companies in liquidation will be made shortly. It is likely that this will be made by PwC. The application will be publicly notified and investors will be able to be heard during the liquidation process.

Receivership over Mr Ross, his trusts and other related entities and freezing orders continue to be in place.

PwC's inquiries are continuing. Further information about this can be found here.

All parties are aware of the importance of managing these next steps in a cost effective way. FMA has today responded to concerns raised by Bruce Tichbon for the RAM investor group.

A copy of the letter can be found here.

The matter will be called before the Court again on 10 December so that FMA can provide a further update.

FMA's investigation continues.

5:00pm, 22 November 2012

FMA and the Receivers attended a meeting with David Ross and his lawyer today. Mr Ross cooperated throughout and responded to enquiries made by the Receiver.

Mr Ross has confirmed that he will cooperate fully with FMA and SFO's investigation.

FMA will now liaise with Mr Ross' lawyer to make arrangements on proposed next steps.

2:00pm, 22 November 2012

Today Receivers PwC will issue an update to investors outlining further progress on their inquiries. This letter will be posted on PwC's website.

On Monday 26 November, FMA will provide the High Court in Wellington with an update of its case. At that hearing FMA will recommend that some of the Ross Entities, which are insolvent, should be placed in liquidation as recommended by the Receivers, while Mr Ross, his trusts and other related entities will remain in receivership.

Liquidation will ensure that greater recovery powers can be used and some distribution to investors can then be made. Investors' interests will be heard in that process. Further details regarding this recommendation and the liquidation process are set out in the letter to investors on PwC's website.

FMA has responded to inquiries received from Bruce Tichbon of the RAM Investors Group. A copy of our written response can be found here.

FMA has today been advised that Mr Ross is now available to assist FMA and PwC with their inquiries. Through his lawyers we have been advised that he intends to co-operate with these inquiries.

FMA's investigation continues and we are working with SFO on a joint investigation.
21 November 2012

PwC's report into Ross Asset Management Ltd and related entities indicated that it considered the liquidation of certain of the Ross Entities to be the next step. Liquidation and the process through which it would occur and whether this will maximise investor interests, is currently being explored.

The matter will be heard in the Wellington High Court on 26 November, at which time FMA and PwC will advise the Court of their proposed next steps during the hearing. PwC is preparing a further letter to investors which will be sent out over the coming days.

If any investor has information relating to the location of assets of Ross Asset Management, please provide it to FMA and PWC urgently.

15 November 2012

The report, prepared by John Fisk and David Bridgman of PwC, with the assistance of brokers from First NZ Capital, explains that Ross Asset Management's records show purported investments of $449.6 million, held on behalf of more than 900 investors across 1720 accounts. This figure represents the portfolio values reported by Ross Asset Management to investors, not their actual capital contributions, or the current value of those contributions. The latter figures are yet to be determined.

The Receivers and Managers' focus over the first five days of their appointment has been to identify and secure investment assets. After searching the custody accounts identified by Mr Ross and through wider searches in international investment markets, they have so far located investments of only $10.2 million. The search continues.

Read full media release here.

A copy of the report and appendices can be viewed on PwC's website.

12 November 2012

The focus of work for the appointed receivers from PwC and brokers from NZ First Capital to date, has been identifying and preserving assets on behalf of investors, as per the orders obtained by FMA.

As directed by the Court on November 6, PwC will provide a report to the Court on Tuesday 13 November.

FMA is seeking a court hearing for Wednesday 14 November, after which both PwC and FMA will be able to give investors a further update. The hearing date is still to be confirmed.

The report is likely to be held by the Court as confidential until the hearing, when orders regarding disclosure of the report will be made.

If you have any questions, please contact PwC directly on 04 462 7040.

9 November 2012

As previously advised, John Fisk and David Bridgman of PwC have been appointed receivers and managers, to manage the business of David Ross and Ross Asset Management, and related entities. Their inquiries are continuing with assistance from First NZ Capital and FMA.

The receivers sent out letters yesterday to investors. If you do not receive a letter within the next couple of days, please contact PwC directly on 04 462 7040.

A copy of the letter can be viewed here.

6 November 2012

The High Court in Wellington has today granted FMA's application for John Fisk and David Bridgman of PwC to be appointed as receivers and managers, along with experienced brokers from First NZ Capital, to manage the business of David Ross and Ross Asset Management. The decision follows the freezing of the assets of Mr Ross last Friday after FMA received a number of complaints regarding the delayed or non-payment of investors. Mr Fisk and Mr Bridgman have now stepped in to manage the business and to identify the assets held, the names of clients and the value of the portfolios held. FMA's inquiries to date have identified that assets are held in New Zealand, Australia, the UK and the USA, and FMA and PwC's inquiries to locate and value the assets continues.

The receivers will provide a report updating the Court and FMA next week on the steps they have taken and the current status of their work. They will be in touch with known investors within the next two days.

If you are an investor, we ask that you contact the receivers at PwC and provide them with details of your investment on 04 462 7040 or http://www.pwc.co.nz/.

2 November 2012

On Friday 2 November, the High Court in Wellington froze the assets of David Ross of Ross Asset Management Limited and the following related entities:

  • Ross Asset Management Limited
  • Bevis Marks Corporation Limited
  • Dagger Nominees Limited
  • Mercury Asset Management Limited
  • Ross Investment Management Limited
  • Ross Unit Trusts Management Limited
  • United Asset Management Limited
  • McIntosh Asset Management Limited
  • Chapman Ross Trust
  • Woburn Ross Trust

 

Vivier and Company Limited (Vivier)

Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act) the FMA can direct deregistration of registered financial service providers when the FMA considers it necessary and desirable to do so after taking into account the criteria set out in section 18A of the FSP Act.  Section 42 of the FSP Act provides a right of appeal to the High Court in the event a financial service provider is not satisfied with the FMA’s direction.

13 May 2016 The Court of Appeal released its decision finding in favour of the FMA and ordering that the direction to deregister Vivier be restored and that costs be awarded to the FMA
  The matter is due to be heard by the Court of Appeal on 10 February 2016

22 October 2015

FMA files appeal in Court of Appeal against decision of the High Court

25 September 2015

Justice Brewer delivered his judgment allowing Vivier’s appeal

24 August 2015

Hearing before Justice Brewer in the High Court at Wellington

3 July 2015

Vivier filed a Notice of Appeal pursuant to section 42 FSP Act appealing the FMA’s direction to the Registrar of the Financial Service Providers Register that it de-registers Vivier.

29 June 2015

Under section 18B FSP Act, the FMA directed the Registrar of the Financial Service Providers Register to de-register Vivier.

  

Mark Warminger

The FMA has issued civil proceedings seeking pecuniary penalties against Mr Warminger for trading carried out between January and August 2014. The FMA alleges that MR Warminger’s conduct amounted to market manipulation in breach of s11B of the Securities Markets Act 1988.

13 November 2015 The matter was called at the Auckland High Court and timetabling orders were made.
6 October 2015 A hearing date has been allocated for this matter in the Auckland High Court on 26 September 2016.
18 September 2015 The FMA has filed a statement of reply.
7 September 2015 Mr Warminger has filed a statement of defence.
27 June 2015 The FMA filed and served civil proceedings against Mr Warminger seeking pecuniary penalties for alleged breaches of the Securities Markets Act 1988 relating to trading carried out between December 2013 and August 2014 which the FMA alleges amounted to market manipulation.