Switzerland’s financial watchdog FINMA has banned Andreas Waespi, the ex-CEO of Coop Bank, from management jobs in the finance sector for three years, as an investigation revealed that the retail bank manipulated its own shares.
Coop Bank manipulated the market price of its own shares between mid-2009 and early 2013, particularly during market-sensitive moments such as before and during earnings reports, said the regulator, citing Andreas Waespi responsible for the manipulation.
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Waespi also lost his position as local government-backed lender Aargauische Kantonalbank’s chief executive owing to the ban, which he was slated to assume in March 2015.
At the same time, FINMA has also imposed conditions on Coop Bank.
Coop Bank said that it accepted the measures of FINMA and has taken corrective steps such as rectifying organizational problems identified by the regulator.
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