A former partner at one of New Zealand's biggest accounting firms has admitted insider trading. He had already agreed to pay $150,000 in lieu of a penalty, been barred from acting as a director or manager of a listed business for five years, and publicly admitted insider trading conduct. In exchange for these steps, an insider trading charge laid under the Securities Act was withdrawn. READ MORE:* End of the road for regulatory authority's insider trading prosecution* FMA lays insider trading charges over VMob shares* Guilty plea in first insider trading criminal prosecution* Financial market regulator alleges insider trading in Eroad sharesThe maximum penalty for that was $300,000 or five years in prison but the regulator said it seemed unlikely such a heavy sentence would result if he were found guilty - New Zealand's first insider trading case resulted in a sentence of six months' home detention. If the insider trading charge had gone to a jury trial, the process would have been expensive and the outcome uncertain, she said.

Source: Stuff April 09, 2019 02:16 UTC