Former KPMG auditor fined for insider trading
The former KPMG auditor Daniel Senn has been handed two fines by the Swiss Federal Criminal Court for buying shares using insider information.
The court gave Mr. Senn a 160-day conditional fine of CHF 430 and a fine of CHF 5,000.
The court heard that in September 2011 the auditor used his privileged knowledge to buy shares in Safra Sarasin private bank, which has its headquarters in Basel.
At the time, Mr. Senn was the lead auditor at Julius Baer Bank during his partnership with KPMG. His position meant that he had known since July 2011 that Julius Baer had plans to acquire Sarasin.
In the end, Sarasin was not taken over by Julius Baer, but intense speculation increased the bank’s share value and helped Mr. Senn to make a book profit of CHF 30,000. He has been ordered to pay the federal government compensation against the profit he made on the transaction.