The New Zealand Financial Markets Authority (FMA) published an update on the Pushpay insider trading appeal following a Court of Appeal decision that upheld the defendant’s conviction and increased the fine component of the sentence to NZD 200,000. The court also dismissed the appeal against the refusal of name suppression, while maintaining existing interim name suppression for seven days after judgment. The defendant was convicted in August 2023 after a four-week trial in the Auckland High Court and sentenced to six months’ community detention and a NZD 100,000 fine. In April 2024 the defendant appealed both the conviction and the High Court’s refusal to grant name suppression, and the Crown appealed the sentence as manifestly inadequate; the Court of Appeal dismissed the conviction appeal and partially granted the Crown’s appeal by lifting the fine. The case related to information about former Pushpay co-founder and director Eliot Crowther’s intended resignation and share sell-down in June 2018, which the FMA considered material and alleged was used to advise or encourage others to trade ahead of the announcement, while noting Crowther’s own trading was legitimate and he was not part of the proceedings. Interim name suppression continues for seven days to allow the defendant to notify family members and business interests before suppression lapses.
New Zealand Financial Markets Authority 2025-05-09
New Zealand Financial Markets Authority reports Court of Appeal upholds Pushpay insider trading conviction and raises fine to NZD 200,000
The New Zealand Financial Markets Authority reported that the Court of Appeal upheld the conviction in the Pushpay insider trading case, increasing the fine to NZD 200,000 and dismissing the appeal for name suppression, which remains interim for seven days. The case involved insider information about former Pushpay co-founder Eliot Crowther's resignation and share sell-down, with the defendant convicted in August 2023 and sentenced to community detention.