Warminger, FMA withdraw appeals
As a result, the FMA has withdrawn its cross-appeal.
In a statement issued by his lawyer, Warminger said: "The FMA and I have agreed to abandon the appeal and cross-appeal filed in the Court of Appeal, the proceedings are now at an end. Whilst I do not agree with the High Court’s decision that in two causes of action (out of ten brought by the FMA), I manipulated the market in certain shares, I must accept the irrevocable impact that the decision has had on any career that I might have continued or pursued in the financial markets. In addition, I face a long recovery from a health issue that makes it sensible to put this matter behind me and allow me to focus on something other than continuing litigation. I will not be making any further comments."
The judgment from March 2017 and penalty decision from June 2017 stand and this brings these civil proceedings to a close.
Justice Venning found that, in relation to two of the causes of action, Warminger had committed market manipulation.
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