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.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
This content was published on
A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
This content was published on
The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
This content was published on
Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
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.