Swiss regulator bans former bank CEO over insider trading

ZURICH (Reuters) – Swiss financial supervisor FINMA has banned a former head of a Swiss bank from financial activities over a serious case of insider trading, it said on Friday, ordering the confiscation of around 730,000 Swiss francs ($754,522) of unlawful profits.

The former chief executive, whom FINMA did not name, was banned from acting in a management capacity for four years and from trading in securities for six years, the watchdog said.

“During his time in office as an executive board member or as CEO he had executed transactions through deposit accounts held in his wife’s name at other banks and thus violated the bank’s internal directives,” FINMA said in its statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.