Swiss bank ex-CEO sanctioned for insider trading

Bloomberg

A Swiss bank’s former chief executive officer has been sanctioned by the country’s financial regulator for insider trading in his wife’s name and what Finma called other “serious breaches of supervisory law.”
The man executed the trades using his wife’s account at other lenders for several years, violating his bank’s internal directives, Finma said. The identities of the bank and its ex-CEO weren’t disclosed, as is often the case in Switzerland.
Illicit profits of 730,000 Swiss francs ($752,000) were confiscated and he also faces a four-year ban from management roles and a six-year ban from securities dealing, the regulator said.
Insider trading wasn’t a crime in Switzerland until 1988 and although the country’s regulators have bolstered penalties they still remain lax by the standards of the US or UK Finma didn’t say if it had referred the case to Zurich or federal prosecutors for investigation or whether the man will also face criminal prosecution.