Tracey Beatrice A prominent Auckland businessman, Peter Huljich, has been revealed as the individual convicted of insider trading over the sale of Pushpay Holdings shares. Huljich, a member of the well-known Huljich family and co-founder of Huljich Wealth Management, had his identity suppressed since charges were first laid by the Financial Markets Authority (FMA) in February 2022. He chose to disclose his identity early, ahead of the scheduled end of his name suppression.
Details of the Case
Huljich was found guilty by a High Court jury in August 2023 after a four-week trial. The case centred on trades made around the time of Pushpay co-founder Eliot Crowther’s resignation and sell-down of shares in June 2018. The FMA argued that Huljich possessed and acted on material information about Crowther’s intentions that was not available to the public, advising or encouraging others to trade Pushpay shares before the announcement, which would likely have influenced the share price.
Huljich was sentenced to six months’ community detention and fined $100,000. He appealed the conviction, arguing the verdict was unreasonable and that a miscarriage of justice had occurred. The Court of Appeal dismissed his appeal last month, upholding the conviction and also increasing the fine to $200,000 after the Crown argued the initial penalty was inadequate.
Huljich’s Response
In a public statement, Huljich expressed disappointment with the Court of Appeal’s decision and maintained his innocence, stating he intends to seek leave to appeal to the Supreme Court. He described the experience as “incredibly challenging” both personally and professionally, and said it serves as a cautionary tale for others about the legal risks of insider trading allegations. Huljich emphasised his commitment to cooperating with legal processes and reflecting on the events.
Market and Regulatory Reaction
The case has been closely watched as it is only the second time the FMA has prosecuted insider trading in New Zealand. The FMA’s head of enforcement, Margot Gatland, welcomed the outcome, saying insider trading is a serious offence that undermines investor confidence in New Zealand’s markets. She reiterated the FMA’s commitment to pursuing such cases to protect the integrity and trust in the country’s financial system.
Background
Peter Huljich is the son of Christopher Huljich, and the family is well-known in Auckland business circles. Huljich Wealth Management, which Peter co-founded with his father, was later sold to Fisher Funds. The case has highlighted the risks and consequences of insider trading in New Zealand and reinforced the regulatory focus on market fairness and transparency.
What Happens Next?
Huljich has indicated he will seek to appeal to the Supreme Court. Meanwhile, the FMA has signalled it will continue to take enforcement action against insider trading to maintain market confidence and ensure a level playing field for all investors.
