The "Farmers Insurance News-Alert" website is dedicated to providing the consumer and general public with detailed information concerning the Farmers Insurance Group. This includes fraud reports, consumer complaints, lawsuit's and other legal actions taken against this company. All information contained herein is for educational purposes only. Original sources, when known are sited.
|Zurich, July 8 1999 -- The Zurich district attorney's office said it filed
charges against Markus Rohrbasser, Zurich Financial Services' former chief financial
officer, for contravening insider-trading laws.
Rohrbasser, who resigned from Switzerland's second-largest insurer in October, is accused of committing ``several'' insider trading offenses, the district attorney's office said in a statement. It didn't elaborate.
Christian Weber, the district attorney, opened an inquiry into possible insider trading in Zurich Financial's shares after trading volumes rose shortly before the company announced a merger plan with B.A.T Industries Plc's financial-services units in October 1997.
The Swiss Exchange, the world's seventh-largest index, requested Weber and other Swiss district attorneys investigate 10 cases in 1998. Zurich authorities are now probing at least seven instances where stocks moved significantly in advance of major corporate announcements.
Rohrbasser told Weber and Zurich Financial last year that four transactions ranging between 100,000 Swiss francs ($64,000) and 200,000 francs were carried out on his behalf by a financial adviser from June 1997, earning him less than 250,000 francs.
Rohrbasser was head of Union Bank of Switzerland's North American unit before joining Zurich Financial in 1997. He was replaced as chief financial officer by Guenther Gose, a member of the executive board.
So far, only one person in Geneva has been convicted for insider trading in Switzerland.
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