New Zealand FMA Files 20 Insider Trading Charges Against Four Individuals

The New Zealand Financial Markets Authority (FMA) has filed 20 charges against four individuals, predominantly relating to alleged insider trading offences concerning Rakon Limited. The case was heard in the Auckland District Court on Thursday.

The FMA named Michael Walter Daniel and Paul Louis Smit among the defendants. Mr Daniel faces charges under sections 240(1), 241(1), 242(1) and 244 of the Financial Markets Conduct Act 2013, as well as section 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 two other individuals are subject to interim name suppression orders.

Rakon Limited is not the subject of the FMA’s investigation and is not a party to the proceedings.