January 24, 2020 / 9:28 AM / a month ago

Swiss regulator bans former bank CEO over insider trading

FILE PHOTO: The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich

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.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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