Swiss Find 3 Guilty Of Insider Trading
ZURICH - A Swiss court has found three bank employees guilty of insider trading and has given them jail sentences of up to five months, a court spokesman said.
The Zurich court convicted two bourse traders at Credit Suisse - now owned by CS Holding - as well as BZ Bank Zurich and a banker temporarily working for PBZ Privatbank Zurich of using inside information to deal in Credit Suisse shares. They made a profit of $550,000, the court found.
It was the first time a Swiss court had successfully applied an insider trading law that took effect exactly three years ago.
Until then, Switzerland had continued to allow people intimately associated with Swiss companies' affairs to use their privileged knowledge for personal gain.
The practice frustrated other countries in their efforts to fight insider trading, in particular United States authorities chasing alleged insider dealing in U.S. stocks through Swiss banks.
