New Zealand regulator files charges for alleged insider trading against four individuals
The New Zealand Financial Markets Authority (FMA) has filed 20 charges against four individuals.
The charges predominantly relate to insider trading offences in relation to Rakon Limited. The case was heard today in the Auckland District Court.
The FMA has filed charges against Michael Walter Daniel, Paul Louis Smit, and two other individuals.
Mr Daniel has been charged under sections 240(1), 241(1), (242)(1) and 244 of the Financial Markets Conduct Act 2013 and s 66(1) of the Crimes Act 1961. Mr Smit has been charged under sections 240(1), 241(1) and 244 of the Financial Markets Conduct Act 2013.
The other two individuals are the subject of orders for interim name suppression.
Rakon Limited is not the subject of the FMA’s investigation and is not a party to the proceedings.
