Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Former Swiss board member convicted of insider trading

Published 06/22/2021, 02:23 PM
Updated 06/22/2021, 02:46 PM
© Reuters.

© Reuters.

ZURICH (Reuters) - An ex-board member at Swiss and German companies was found guilty of insider trading and qualified corporate espionage, Swiss state TV reported on Tuesday, a rare instance in Switzerland of someone being punished for taking advantage of insider information.

Hans Ziegler, 69, received a suspended sentence of 24 months in prison and must pay a fine of 10,000 Swiss francs ($10,886.13) and restitution of 770,000 francs, according to the verdict in the five-year-old case in Swiss Federal Criminal Court in Bellinzona, Swiss broadcaster SRF reported.

Ziegler, a former board member at robot maker Kuka, Swiss Steel and OC Oerlikon, was cleared by the criminal court of taking bribes and other related charges.

He resigned from the board seats after he was accused of insider trading in 2016. [https://reut.rs/3j37iTH]

Ziegler last August was indicted by Swiss federal prosecutors who accused him of crimes including disclosing trade secrets and corporate espionage.

In 2017, Swiss financial watchdog FINMA ordered Ziegler to surrender 1.4 million francs that it said were illegal profits reaped from "repeated and systematic insider trading". [https://reut.rs/3j0ndCf]

Ziegler, who could not be reached for comment, can appeal the verdict. His lawyer had sought a not guilty verdict.

($1 = 0.9186 Swiss francs)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.