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Penalty judgment in the case of FMA v Warminger
Penalty judgment in the case of FMA v Warminger
The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1988.
Venning J found that the starting point for the two contraventions was a penalty of $500,000 and applied a reduction in penalty of $100,000 to recognise Mr Warminger’s personal circumstances.
As a result of the pecuniary penalty order Mr Warminger automatically received a 5 year management ban.
The penalty judgment notes that “the Court has found it was deliberate conduct by a very experienced market trader in an attempt to take advantage of parties on the other side of the transaction.”
A copy of the penalty judgment can be found here.
The FMA is currently considering the penalty judgment.
The original judgment is currently being appealed by Mr Warminger and cross appealed by the FMA.
A copy of the original judgment can be found here.
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