New Zealand's Financial Markets Authority (FMA) has filed 20 charges against four individuals, predominantly relating to alleged insider trading involving Rakon Limited. The case was heard in the Auckland District Court. The defendants include Michael Walter Daniel and Paul Louis Smit, while the other two individuals are subject to interim name suppression orders. Daniel faces charges under the Financial Markets Conduct Act 2013 and the Crimes Act 1961. Smit faces charges under the Financial Markets Conduct Act 2013. Rakon Limited is not the subject of the FMA's investigation and is not a party to the proceedings.
New Zealand Financial Markets Authority files 20 charges against four individuals, mainly over alleged insider trading involving Rakon
New Zealand's Financial Markets Authority has brought 20 charges against four people, mainly concerning alleged insider trading involving Rakon Limited. Michael Walter Daniel and Paul Louis Smit are named defendants, while the other two have interim name suppression. The investigation does not target Rakon itself, and the company is not a party to the proceedings.