Former KPMG auditor Senn sentenced for insider trading
The Swiss Federal Criminal Court has sentenced the former KPMG auditor Daniel Senn to a 160-day conditional fine of CHF430 ($433) and a fine of CHF5,000 for buying shares using insider information.
This content was published on
1 minute
SDA-ATS/ac
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 to acquire Sarasin.
Ultimately Sarasin was not taken over by Julius Baer, but intense speculation increased the bank’s share value and helped Senn make a book profit of CHF30,000. However, he will have to pay the federal government compensation against the profit he made on the transaction.
In addition, Senn made false statements to the Swiss Federal Audit Oversight Authority regarding the share purchases. In August 2013, the authority requested documents and information from Senn because insider trading was suspected.
Ironically, Senn is best known for his probe of former head of the Swiss National Bank Philipp Hildebrand for alleged insider trading. The investigation proved this allegation to be baseless as Hildebrand’s then wife had conducted the trades. But the row heaped so much pressure on Hildebrand’s head that he was forced to step down in January 2012, just two years into the job.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
In many cases, China's use of AI undermines the national security of the US and its allies, according to a US government representative.
Swiss Hells Angels trial alleges rape and money laundering
This content was published on
An allegedly high-ranking member of the Hells Angels is accused of money laundering totalling millions and rape, among other serious crimes.
SWISS is airline ‘group flagship’ says Lufthansa boss
This content was published on
Despite challenges, Lufthansa and its most important subsidiary, Swiss International Airlines, promise increased satisfaction and continued growth.
Swiss rediscover communist zeal after 84-year hiatus
This content was published on
Over 300 participants founded the Revolutionary Communist Party (RKP) at its congress in Burgdorf in canton Bern at the weekend.
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.
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
Central banker quits over private currency deal
This content was published on
The government thanked him for his achievements as central bank governor, but his opponents in the rightwing Swiss People’s Party have accused the federal authorities of covering up and glossing over private currency speculation by senior bank members. Hildebrand told a news conference on Monday that his resignation was with immediate effect. He explained he…
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.
This content was published on
The Swiss Financial Market Supervisory Authority (FINMA) has ordered the unnamed man to turn over CHF1.4 million ($1.44 million) in personal trading profits that were obtained using insider information. He is also being investigated by Switzerland’s criminal state prosecutor. “The insider trading case is the first of its kind in which FINMA has sanctioned an…
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.