The New Zealand Financial Markets Authority (FMA) announced that Kevin Young, a former treasury accountant at Heartland Bank Limited, has been sentenced to six months home detention and ordered to pay a NZD 11,241 fine after facing three insider trading charges brought by the FMA. The case concerned trading and disclosure relating to Heartland Group Holdings Limited (HGH). Young bought HGH shares in August 2020 while in possession of material, non-public information and sold them in September 2020 for a profit of NZD 11,241. He also disclosed material, non-public information about HGH to former colleague Pritesh Patel in July 2020, knowing Patel would or was likely to buy HGH shares, and in February 2021 advised or encouraged another former colleague to hold HGH shares while holding material, non-public information. The FMA initially laid four charges, with Young pleading guilty to three in December 2024 and the FMA withdrawing one charge.
New Zealand Financial Markets Authority 2025-04-17
New Zealand Financial Markets Authority secures six months home detention and NZD 11,241 fine for former Heartland Bank accountant over insider trading
The New Zealand Financial Markets Authority announced that Kevin Young, a former treasury accountant at Heartland Bank Limited, has been sentenced to six months home detention and fined NZD 11,241 for insider trading related to Heartland Group Holdings Limited. Young pleaded guilty to three charges, including trading on material, non-public information and disclosing such information to a former colleague.