'Crushing' penalty sought in Warminger case
Mark Warminger’s lawyer described a $1.6m penalty sought by the Financial Markets Authority as “crushing”, it has been reported.
Thursday, June 15th 2017, 8:26PM
The NBR reported the case was back in the High Court today for a hearing to determine the penalty to be imposed on the former Milford Asset Management portfolio manager, who was found guilty of market manipulation.
His counsel, Marc Corlett said Warminger’s career had been ruined and he would not work in funds management again. His case should serve as a warning to other market participants, he said.
He proposed a starting point of $250,000 to $300,000 for a penalty but the FMA wanted $1.6m.
FMA counsel Justin Smith said Warminger's ability to pay was relevant and the FMA accepted his earnings prospects were reduced.
The issue of the $1.5m already paid by Milford was raised by both sides.
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