3 Mar 2017
FINANCIAL MARKETS AUTHORITY v WARMINGER [2017] NZHC 327
- Citation
- (2017) 11 NZCLC 98
- Court
- High Court
The Court found on the balance of probabilities that Warminger manipulated the market in two instances: Fisher & Paykel Healthcare (27 May 2014) and a2 Milk (9 July 2014). In those cases his DMA buy orders, in the context of contemporaneous communications and known buying interest, were intended to and did raise and maintain quotes/last traded prices to enable crossings at improved prices; as an experienced trader he knew or ought reasonably to have known that effect. The remaining eight causes of action were dismissed because the FMA did not prove the requisite effect, knowledge or lacked su…