Ex Wizz Air exec fined for stock trading violations
A former Wizz Air executive has been fined for trading reporting violations in the airline group’s stock.
The Financial Conduct Authority (FCA) said ex- chief supply chain officer Andras Sebok traded $5 million worth of company shares just prior to releasing its financial results.
Sebok made 18 trades during the 30-day ‘closed’ period and failed to report nearly 100 other trades.
He was fined £123,500.
Senior executives are required to report personal trades in their companies within three business days.
They are also not permitted to trade during closed periods.
The FCA said there was no proof of willful insider dealing.
However, it was the first FCA penalty imposed for both failing to disclose personal trading and trading within the restricted period.
“Senior executives, like Mr Sebok, must report their trading and comply with the restrictions on trading during closed periods or they risk undermining the integrity of the market,” said Steve Smart, FCA co-head of enforcement and market oversight.
Sebok was dismissed three years ago when Wizz Air was notified about the investigation.
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