• SWI GVT Office of the Attorney General (OAG) filed indictment with Federal Criminal Court against a Swiss national for insider trading with illicit profit of CHF 10.6 million.
• Defendant is accused of having exploited confidential and price-influencing information concerning current/planned acquisitions in five cases between 2018 and 2020.
• He is said to have obtained confidential information from an investment bank worker.

Facts of the Case

• OAG opened criminal proceedings in February 2019, at that time defendant worked as an investor and corporate advisor in Switzerland and abroad, and had knowledge of procedures and mechanisms of offer procedure in the event of corporate mergers.
• Had known person who allegedly provided him with information in question for over 15 years and maintained private and professional contact with her during these years.
• Defendant accused in 4 cases of multiple exploitation of insider information as secondary or tertiary, insider, in 1 case of attempted exploitation of insider information.
• In all 5 cases is said to have substantial shareholding in the form of shares and/or options in the target companies for acquisition, making these purchases following contact with acquaintance who was aware of the confidential acquisition transactions.
• OAG accuses defendant of having acquired via inside information, shares and/or options of target companies to profit from considerable expected increase in price.
• In 4 cases is said to have made illicit profit of around CHF 10.6 million by selling the positions after publication of takeover bid, in only one case lost out as no takeover bid