Prominent businessman loses latest bid for name suppression in Pushpay insider trading case

An influential figure who was implicated in insider trading related to Pushpay Holdings shares in 2018 is facing the prospect of losing his anonymity as the Court of Appeal has rejected his plea for continued name suppression. The businessman had been convicted of insider trading in 2023 and was recently subjected to an increased fine by the Court of Appeal.

The case centered around the sale of Pushpay Holdings shares in 2018, coinciding with co-founder Elliot Crowther’s disclosure of his intention to resign and sell off his own stake in the company. While Crowther was a key witness in the case, he was not charged with any offenses. Following a lengthy trial in the High Court at Auckland, the businessman was found guilty by the jury and handed a sentence of six months’ community detention along with a $100,000 fine.

In response to his conviction, the businessman launched an appeal, challenging not only the verdict but also the decision to deny an extension of his interim name suppression. However, the Court of Appeal dismissed his appeal against conviction and increased his financial penalty to $200,000. Despite the regulator’s appeal for a harsher punishment, the Court of Appeal upheld the community detention sentence, emphasizing the need to deter such misconduct in the market.

The businessman had been granted name suppression throughout the trial, and his failed attempts to maintain anonymity post-conviction were also rebuffed by the Court of Appeal. Furthermore, the court highlighted the importance of transparent justice in cases of significant public interest, implying that the businessman’s identity should be revealed.

Although the businessman still has the option to escalate the case to the Supreme Court, the Court of Appeal has allowed an additional seven days of temporary name suppression to facilitate this decision-making process. The businessman’s legal representatives have not confirmed whether they intend to appeal further, signaling a period of uncertainty for the convicted individual.

In conclusion, the Pushpay insider trading case involving a well-known businessman has garnered significant attention for its legal complexities and implications for market integrity. With the Court of Appeal’s decision to reject name suppression, the individual in question may soon be publicly identified, marking a significant development in this high-profile case.