16 Mar 2022
FINANCIAL MARKETS AUTHORITY v MENG & QIAN [2022] NZHC 480
- Citation
- [2022] NZHC 480
- Court
- High Court
On admitted facts the Court declared that Meng and Qian contravened the market manipulation provision (s 265) and that Meng also breached disclosure obligations (s 297); having regard to the statutory maxima, the nature and number of contraventions, their roles, potential gains, and mitigating factors (admissions, timing, personal circumstances and lack of prior offending), the Court imposed pecuniary penalties of NZD 180,000 on Meng and NZD 130,000 on Qian and ordered penalties be applied first to the FMA's actual costs under s 493.