The Gerry Weber share: High penalties for insider trading

Due to criminal insider trading with shares in the fashion group Gerry Weber in January 2019, four men from the Braunschweig area have to pay high fines. The th

The Gerry Weber share: High penalties for insider trading

Due to criminal insider trading with shares in the fashion group Gerry Weber in January 2019, four men from the Braunschweig area have to pay high fines. The the in Bielefeld coming Westfalen-Blatt reported. The men had used known to the Conviction of the Prosecutor's office in Braunschweig from the time before the application for insolvency proceedings in self-administration, and this Knowledge by speculating on a price drop.

According to prosecutors, a 69-year-old depot owner from Braunschweig and his 71-year-old representative through the early sale of shares to a loss of 1.2 million Euro avoided, said the First Prosecutor Christian Wolters, according to the Westfalen-Blatt. In addition to the levy of this benefit, the account holder will have to pay around 800,000 euros fine, the Plenipotentiary of 5000 Euro.

Very eye-catching price movements

the other method is to be adjusted against payment of fines. In the other case, two 28-year-old men had, according to the representation of the public Prosecutor's office on 24. and 25. January sale-warrants on shares of the company's bought - and so on a bet. The papers they had sold a short time later at a profit. One of the two should pay in addition to the profit of 14,000 euros-a further 16,000 euros fine, the other is the proceeds of 13,000 euros.

The price movements around the date of the bankruptcy petition were pronounced to have been striking. On the day before this was suddenly around noon, and without any visible occasion, by 13 percent to an all-time low broke. The F. A. Z. had already expressed at the time, the presumption that a criminal offence might be. The company itself did not want to comment on the striking price movement.

The financial authority, Bafin, to went the eye-catching price movements and had to finally file a criminal complaint.In August 2019, there were house searches, particularly data carriers have been used as evidence to ensure, said Wolters. Their analysis have substantiated the suspicion.

Updated Date: 01 January 2021, 07:19

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