29 Jun 2017
FINANCIAL MARKETS AUTHORITY v WARMINGER [2017] NZHC 1471
- Citation
- [2017] NZHC 1471
- Court
- High Court
The Court held the FPH DMA trades were undertaken to manipulate the market and supported subsequent off-market crossings; therefore the value of those crossings properly formed part of the consideration for the transaction under s 42W, yielding a maximum of $3,845,900. Applying s 42Y factors, industry authorities and totality, the Court set a starting point of $500,000 and allowed a 20% personal mitigation discount (medical and first offence considerations), resulting in a final pecuniary penalty of $400,000. Milford's prior $1,100,000 settlement was relevant but did not fully offset the indi…