Swiss pharma executive gets US sanction for insider trading
The US Securities and Exchange Commission (SEC) has fined Lorenz Erne, a former senior executive at Swiss pharmaceutical firm Roche, for insider trading and ordered him to pay back the ill-gotten profits.
This content was published on
1 minute
Keystone-SDA/jc
Erne accepted the accusations and agreed to the terms of a settlement with the SEC, according to an SEC documentExternal link published on Thursday. He has to pay back $159,228 (CHF156,000) plus a fine of $79,614 within 14 days to the SEC “for transfer to the general fund of the United States Treasury”.
The case concerns insider trading in the shares of American gene therapy company Spark Therapeutics ahead of a February 25, 2019, announcement that a Roche affiliate company and Spark had reached a merger agreement.
Erne “traded while in possession of material, non-public information that he learned in the course of his employment at Hoffmann-La Roche”, making profits as Spark shares rose by 120%.
At the time of the trading, Erne was head of the Strategy Office at Roche Global Technical Operations in the Pharmaceuticals Division.
More
More
GE, Roche, Spark: flair for genes
This content was published on
The fear of missing out is a powerful motivator. Dealmaking in healthcare is often fuelled by a drive to outbid rivals for cutting-edge technology.
This content was published on
Nemo brought the Eurovision Song Contest to Switzerland with a victory on Saturday evening in Malmö, Sweden. It is Switzerland's third victory in the history of the music contest.
Switzerland abstains from vote on Palestinian bid for full UN membership
This content was published on
On Friday, Switzerland abstained from the vote at the General Assembly on granting the Palestinians new rights at the United Nations (UN).
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Former KPMG auditor Senn sentenced for insider trading
This content was published on
The court heard that in September 2011 Senn used his privileged knowledge to buy shares in Safra Sarasin private bank. Senn was the lead auditor at Julius Baer bank during his partnership with KPMG from 2007 to 2013. In this function, he is said to have known since July 2011 that Julius Baer had plans…
Financial expert fined in Holcim insider trading case
This content was published on
A Swiss court has found a Zurich-based financial expert guilty of insider trading linked to the merger of cement producers Lafarge and Holcim.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.