Warminger slapped with hefty penalty (+ JUDGMENT)
Warminger, who worked for Milford Asset Management, was found guilty of two counts of market manipulation, under the Securities Markets Act, earlier this year.
In his penalty decision released yesterday, Justice Geoffrey Venning said 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”.
While the maximum penalty for the combined offences was $3.8 million, Justice Venning said several mitigating factors had to be taken into account when establishing the penalty.
These included Warminger’s previously unblemished record and an earlier $1.5 million payment in lieu of penalty and costs by Milford Asset Management.
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