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31 July 2017

Mark Warminger

FMA issued civil proceedings in the High Court against Mark Warminger for alleged market manipulation during his employment at Milford Asset Management Limited. The allegations against Warminger included that he:

  • placed small trades directly on the market in one direction, followed by large off-market trades in the opposite direction
  • manipulated the closing price
  • used his trading orders to move the price, rather than for a genuine commercial purpose.

31 July 2017 - Judgment confirmed in the FMA v Warminger as appeals were withdrawn.

The judgment from March 2017 and penalty decision from June 2017 stand and this brings these civil proceedings to a close. In the High Court Venning J found that, in relation to two of the causes of action, Mr Warminger had committed market manipulation. The High Court ordered that Mr Warminger pay a pecuniary penalty of $400,000 for these breaches of the Securities Markets Act 1988.  As a result of the finding, an automatic five-year management ban applies to Mr Warminger. 

 

29 June 2017 - High Court decision regarding pecuniary penalty hearing handed down. Venning J found that the starting point for the two contraventions was a penalty of $500,000 and applied a reduction in penalty of $100,000 to recognise Mr Warminger’s personal circumstances.

 

18 April 2017 - The FMA filed a cross appeal in the Court of Appeal.

 

31 March 2017 - Mr Warminger filed an appeal in the Court of Appeal.

 

3 March 2017 - High court decision was handed down by Venning J.

 

26 September 2016 - The hearing commenced in the High Court at Auckland and concluded on 20 October 2016. The decision has been reserved.

 

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.