The Swiss Financial Market Supervisory Authority (FINMA) recently imposed sanctions against a former bank CEO for unlawful transactions made while working for an unnamed Swiss bank. FINMA determined that the former bank manager and executive board member made numerous transactions over several years using deposit accounts held in his wife’s name at other banks – transactions that were based on inside information obtained in his role at the bank. FINMA also discovered that the ex-CEO disclosed privileged information during his private transactions. Not only did FINMA uncover multiple instances of insider trading, it also found breaches of the bank’s internal directives. At the conclusion of the enforcement proceedings, FINMA ordered sanctions consisting of the confiscation of all unlawful profits totaling CHF 730,000 (approximately $750,000). In addition, the former executive was banned from holding any management position for four years, and from serving in any position as a securities dealer for six years.
January 28, 2020
FINMA sanctions former Swiss banker for insider trading
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