Sunday, August 14, 2022

St. Gallen accused of ex-officio insider trading

He is said to have earned lakhs illegally

St. Gallen accused of ex-officio insider trading

A former St. Gallen officer has to answer before the Federal Criminal Court. He is said to have used insider information from his job as a pension fund administrator for private stock transactions and made a profit of more than 3 million francs.

A former manager of the pension estate of St. Gallen State employees is said to have used insider information to conduct private stock transactions, thus making a profit of more than 3 million francs. The Federal Public Prosecutor’s Office (BA) has filed charges against him. BA announced on Wednesday that it seeks a four-year prison sentence for the Swiss for illegal and illegal management of pension assets. The matter comes before the Federal Criminal Court.

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The accused worked for the Finance Department of the Canton of St. Gallen from 2003 to 2014 and again to the St. Gallen Pension Fund from 2018. In both functions, he was the portfolio manager responsible for managing the pension fund assets of the employees of the canton of St. Gallen.

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