Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Police swoop on insider-trading ring

Share this article

Police swoop on insider-trading ring
File photo: T. Al Nakib
07:38 CET+01:00
Police launched about 50 coordinated home and office raids in Germany and Switzerland Tuesday against suspects in an insider-trading ring, they said.

The 23 suspects allegedly made stock market trades worth millions of dollars based on advance knowledge of corporate takeovers.

The companies involved were not named in a statement issued by German prosecutors from the south-western state of Baden-Wurttemberg.

The swoop was instigated by German financial regulator BaFin, which had found new evidence on an initially unsuccessful 2008 investigation.

More than 150 police, eight prosecutors and 20 BaFin officials took part and confiscated documents, data storage devices, computers and mobile phones.

The suspects, aged 32 to 64, were allegedly friends, former work colleagues and members of the same clubs. If found guilty, they face up to five years in jail. 

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?

Advertisement