Notable Cases
- In June 2007, Michael Fay and David Richwhite through one of the companies that they co-owned, Midavia Rail Investments, paid $20 million to the commission to settle insider trading proceedings relating to Tranz Rail. In October 2004 the commission accused Midavia of insider trading and Richwhite of tipping off Midavia to sell $63 million worth of shares while knowing Tranz Rail was facing financial problems, which was not known to the public. The commission noted that the payments had been made "without any admission of liability".
- On 20 June 2010, the Securities Commission put the finance company South Canterbury Finance which was run by Allan Hubbard into statutory management after complaints from a number of investors. This also triggered an investigation by the Serious Fraud Office (New Zealand). Eight weeks later on the 31 August 2010, South Canterbury Finance was placed in receivership.
- In late 2010, the Securities Commission successfully applied to the High Court to have the assets of former director of finance company Hanover Finance, Mark Hotchin frozen.
Read more about this topic: Securities Commission Of New Zealand
Famous quotes containing the words notable and/or cases:
“a notable prince that was called King John;
And he ruled England with main and with might,
For he did great wrong, and maintained little right.”
—Unknown. King John and the Abbot of Canterbury (l. 2–4)
“You all know that even when women have full rights, they still remain fatally downtrodden because all housework is left to them. In most cases housework is the most unproductive, the most barbarous and the most arduous work a woman can do. It is exceptionally petty and does not include anything that would in any way promote the development of the woman.”
—Vladimir Ilyich Lenin (1870–1924)