In May, Chief High Court Judge Geoffrey Venning found Mr Warminger manipulated the market in two trades but rejected eight other instances brought before the court by the Financial Markets Authority. Mr Warminger is appealing the judgement, while the FMA is cross-appealing. Had Mr Warminger been prosecuted, the criminal penalty for his actions would have been a maximum fine of $300,000, or five years’ jail for each contravention. Mr Warminger’s employer at the time, Milford Asset Management, reached a settlement with the FMA before the trial. Justice Venning said he accepted Mr Warminger had not made any significant material gain from his conduct, at most $16,000 having been made from one transaction.

Source: Otago Daily Times June 30, 2017 18:00 UTC