Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


FMA files first market manipulation case in New Zealand

Scoop Duty Editor: Brian Phillip Henry of Auckland, Barrister, and Managing Director of US50 Fund Limited, Goldman Henry Capital Management Limited and AmanahNZ wishes it to be recorded that he is not the Brian Peter Henry named in the FMA's press release today confirming that it has filed and served civil proceedings against said Brian Peter Henry.

24 July 2013

FMA files first market manipulation case in New Zealand

The Financial Markets Authority (FMA) today confirmed that it has filed and served civil proceedings against Brian Peter Henry alleging market manipulation of shares in the NZX-listed Diligent Board Member Services.

The proceedings contain six claims alleging certain orders and trades made by Mr Henry in 2010 breached the market manipulation provisions of the Securities Markets Act. FMA’s investigation followed a referral from NZX.

FMA Head of Enforcement, Belinda Moffat, said this is the first market manipulation case to be taken in New Zealand.

“Market manipulation interferes with the integrity of New Zealand’s financial markets and harms the function of open, transparent and efficient capital markets,” said Ms Moffat.

Brian Henry was a founding member of Diligent. He left the company in March 2009.

The maximum fine for breaching the market manipulation provisions of the Securities Markets Act is $1,000,000 for each contravention.

The next step will be for Mr Henry to file his statement of defence.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news