Market manipulation unreasonable conclusion - expert
The Financial Markets Authority (FMA) has accused Milford Asset Management portfolio manager Mark Warminger of cross-trading and making trades to artificially set prices.
Their allegations revolve around 10 different trades made by Warminger between December 2013 and August 2014, which the FMA’s expert witnesses have said constitute market manipulation.
However, Warminger’s legal team has now kicked off the defence and they say the FMA has presented evidence that fell well short of proving that Warminger had intended to mislead the market.
Their star witness, Capital Markets Cooperative Research Centre chief executive Michael Aitken, took the stand on Tuesday.
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