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TOPIC: Heartland Insider Trading Case
In April 2025, former Heartland Bank treasury accountant, Kevin Young, was sentenced to six months home detention and ordered to pay a fine of $11,241, in relation to three charges of insider trading brought against him by the Financial Markets Authority (FMA). Earlier, in December 2024, a former colleague of Mr Young’s, Pritesh Patel, entered into an Enforceable Undertaking with the FMA.
Mr Young purchased Heartland Group Holdings Limited (HGH) shares in August 2020, while holding material information that was not generally available to the public. He sold them in September 2020 and made a profit of $11,241 (excluding costs and commissions). In July 2020, he also disclosed material information in relation to HGH that was not generally available to the public to Mr Patel, knowing that he would or was likely to purchase HGH shares. Finally, in February 2021, Mr Young, while holding material information that was not generally available to the public, advised or encouraged another former colleague to hold onto their HGH shares.
Simon Wyatt will walk you through the FMA’s investigation into what is notoriously a very difficult subject to investigate and prove. The investigation included a couple of firsts – it was the first time the FMA had executed a search warrant for insider trading. It was also the first time the FMA had secured convictions for all types of insider conduct.
ABOUT THE SPEAKER
Simon Wyatt has been the Manager, Investigations in the FMA since 2024. Before he joined FMA investigation team from 2020, he was within NZ Police for 10 years and SFO for 4 years.
INFORMATION
This will be an online event, and the talk will commence at 5.45pm. A link to the event will be sent closer to the time to those who have registered.
People in Wellington are invited to attend in person at Deloitte Wellington as usual. Please remember to attend prior to 5.30pm as the Deloitte Wellington doors are locked at that time.
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