That’s a bit of a low blow Jaa imo .
Who do you bank with ? If you are part of the 90 odd % in NZ good chance the parent bank has paid 100’s of millions in fines over the past few years.
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Really? Name another NZ fund manager that has paid a similar fine in recent years?
A reminder of the facts of the case:
Quote:
The judge declared that Warminger breached the Securities Market Act "by manipulating the market for shares in FPH on 27 May 2014 by increasing the offer quote and price for FPH shares and maintaining them at a higher level than otherwise would have been the case and also by entering a crossing for the sale of FPH shares which created a misleading appearance as the price of the crossing was influenced by his earlier trades".
https://www.nzherald.co.nz/business/...ectid=11811452Quote:
Justice Venning also declared that Warminger breached that same law "by manipulating the market for shares in ATM on 9 July 2014 by increasing the offer quote and price for ATM shares and maintaining them at a higher level than otherwise would have been the case and has also created a misleading appearance as to the demand and/or price for ATM shares on the day".
This was enough for me to move my money elsewhere as did the NZ Super Fund.
Mark Warminger remained a shareholder of Milford Asset Management until 29 April 2019.
So an Employee did something wrong and went before the court . My point is how many individuals in the major banks in Australia have faced action -but the banks have paid massive fines .
If someone at Bunnings gets convicted for fraud , would you stop shopping there ?
Milford KiwiSaver funds are consistently listed as the top performers, so whatever creative methods they employ seems to be paying off for their clients. I am happy with their results as far as KiwiSaver goes, although they aren’t aggressive enough for my retirement ambitions so I do my own risky investments!
I'm not OP but if one of the most senior staff at Bunnings was found to be removing safety apparatus from a retail customer product for a financial benefit for Bunnings, then yes I probably would seriously consider whether I'd continue shopping there when Mitre 10 is just next door and has no such track record. That's a better analogy.
Not to say that this might not have been a one-off for Milford, but it is a fair piece of information to consider from a due diligence perspective as it indicates a failure in the organisation's ability to prevent this activity (either through compliance transactional controls or cultural behavioural controls).
My short time observing the NZX tells me that games are going on all the time. Small pools like this are easy to cause ripples in if you are a big fish.
My otherworld business dealings have taught me that there is corruption and those who will step all over anyone else to get where they think they are going so I just learn from my experience and get better at playing the game to avoid being one of the ones getting burnt.