NZX adviser cuts $10k settlement over dodgy Trade Me deal, keeps name secret

Thu, 06 Dec 2012

By Paul McBeth Dec. 7 (BusinessDesk) - An unnamed adviser at a registered NZX participant firm will pay a $10,000 settlement with the market watchdog after getting found out on a backroom deal to get Trade Me shares when the online auction site was floated last year. The adviser used a client to get their hands on 1,500 Trade Me shares in the initial public offering, when the stock was sold at $2.70 apiece. The partial float’s structure was unusual because the bookbuild was run before the offer document was registered. Under NZX rules, emplo...

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