Peter Huljich. Photo: NZME/Supplied
The businessman found guilty of insider trading over the sale of Pushpay Holdings shares can now be named as Peter Huljich.
Huljich's appeal against his conviction was heard by the Court of Appeal last month.
His appeal was dismissed but the Crown's appeal against his sentence was allowed, increasing his fine from $100,000 to $200,000.
Name suppression was due to end on Friday morning, but Huljich said on Thursday he had chosen to disclose his identity early.
He said he was disappointed with the outcome in the Court of Appeal but intended to seek leave to appeal to the Supreme Court. "I maintain my innocence and am hopeful that eventually I will be cleared of wrongdoing.
"This has been an incredibly challenging experience-both personally and professionally. It also serves as a cautionary tale for others in similar situations: it is all too easy to find yourself caught up in a situation with unintended legal consequences.
"This has been a difficult period for my family and me. I will continue to cooperate fully with all legal processes and reflect deeply on what has occurred."
Huljich is part of the Auckland richlister Huljich family, and is the son of Christopher Huljich.
He and his father founded Huljich Wealth Management, which was later sold to Fisher Funds.
In April 2018, Pushpay co-founder Eliot Crowther, who held about 9 percent of Pushpay's shares told Huljich he was thinking of leaving and selling his shares. They were sold in June at $4.04 via a book build.
But between the time that Crowther told Huljich of his intentions and before Crowther's departure and share sale, a trust that held Pushpay shares sold those shares on the NZX at an average price of $4.21.
It was alleged by the Crown that Huljich advised or encouraged the trust to do so because he expected the sale of Crowther's shares would have an impact on the Pushpay share price.
Huljich said he had not encouraged the trust's principal beneficiary or the trustees of the trust to sell the shares but was just passing on the principal beneficiary's instructions.
He said Crowther's departure and share sale was not insider information because a reasonable investor would not expect this information to have a material effect on the share price.
A High Court jury earlier found Huljich guilty of insider trading and he was sentenced to six months' community detention.
He appealed on the grounds that the verdict was unreasonable or that a miscarriage of justice arose.
The Crown appealed in turn, on the basis that the sentence was inadequate.
The Court of Appeal agreed with the Crown.
It said it was also not reasonable for name suppression to continue.
"While it was appropriate for him to have that suppression pending his trial in 2023, as the judge correctly held following that trial, different considerations apply for those seeking continued suppression following conviction.
"The public interest in open justice must now take precedence given the significant public interest in the identity of the person who was convicted of insider conduct, the real prospect that any application for leave to appeal to the Supreme Court will not lead to an acquittal or retrial, and even if it did lead to a retrial at some time distant from now, the trial judge would take steps to manage the concerns that had led to the original decision to grant Mr Huljich name suppression."
The Financial Markets Authority's head of enforcement, Margot Gatland, said the authority was pleased with the Court of Appeal's decision.
"Insider trading is a serious offence that undermines investor confidence in New Zealand markets. The FMA will continue to take action when we see this type of misconduct as it damages the trust and confidence in New Zealand's financial markets and businesses."
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