7 Aug 2014
FMA v HENRY [2014] NZHC 1853
- Citation
- [2014] NZHC 1853
- Court
- High Court
The admitted trades (wash sales and layering) constituted market manipulation in breach of s11B (with presumptions under s11C applying to wash trades); the Court declared contravention and, applying the statutory factors in s42Y, the totality principle and allowance for mitigation (including delay, lack of profit, first offence and partial self-reporting), imposed a pecuniary penalty of NZD 130,000 (starting point NZD 200,000 reduced by 30–40%).