Trades get all-clear from 'world leader'
The Milford Asset Management portfolio manager is in court, fighting Financial Markets Authority accusations that he misused his position with an institutional investor by placing trades in stocks in one direction to move the price so he could later shift significant off-market sales at a greater profit. This is known as cross-trading.
He is also accused of making trades to set artificial prices.
But Warminger’s lawyer, Marc Corlett, reportedly told the court on Tuesday that Professor Michael Aitken, of Sydney’s Macquarie University, had considered the trades in question and not found any instances where it breached the law by creating a false or misleading appearance.
"One might well ask why we are here given the evidence of Professor Aitken," he said.
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