The High Court has imposed total penalties of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1988.

In his penalty decision Financial Markets Authority v Warminger [2017] NZHC 1471 (29 June 2017), Justice Venning found that the starting point for the two contraventions was a penalty of $500,000 and applied a reduction in penalty of $100,000 to recognise Mr Warminger's personal circumstances. He said the personal mitigating factors supported a "meaningful reduction in the penalty".

In the original decision, Venning J found Mr Warminger had breached section 11B of the Act on two occasions.

The Financial Markets Authority says it is currently considering the penalty judgment.