Title: Liechtenstein Banker Georg Wohlwend Under Investigation for Alleged Insider Trading
Investigation into Georg Wohlwend’s Securities Dealings
A high-profile Liechtenstein banker, Georg Wohlwend, is currently under investigation for suspected insider trading activities. The probe resulted in his sudden resignation from Liechtenstein’s second-largest bank, Liechtensteinische Landesbank (LLB).
Important Note: LLB’s statement clarified that the investigation did not involve Wohlwend’s tenure as the bank’s CEO or its stock.
Confirmation of the Investigation
In a statement to finews.com on Wednesday, Liechtenstein’s chief prosecutor, Robert Wallner, confirmed the ongoing probe into Wohlwend’s securities dealings. Wohlwend had been serving as the CEO of LLB since 2017, and he resigned unexpectedly from the position earlier that same day.
Origins of the Investigation
The probe was initiated based on information provided by Liechtenstein’s financial regulator, the FMA. An FMA spokesperson declined to comment on the matter.
Background of Georg Wohlwend
- Wohlwend joined the top management team at another Liechtenstein private bank, VP Bank, until 2012.
- He served as a governing minister of the principality from 2013 to 2016 before rejoining the private sector through LLB.
- Besides his role at LLB, Wohlwend is also a board member of two Liechtenstein firms, Neutrik and Seed X, and the chairman of Alegra Capital.
Insider Trading Cases and Previous Investigations
- Insider trading cases in Liechtenstein, especially those involving bankers, are rare.
- Switzerland has seen similar cases, most notably the investigation involving an unnamed ex-CEO of a Swiss bank, which led to a criminal probe.
Wohlwend’s Reachability and LLB’s Response
- Wohlwend, who was recently reelected for a second term at LLB, could not be reached for comment regarding the investigation.
- In a statement, LLB’s spokesperson distanced the investigation from Wohlwend’s tenure as the bank’s CEO and stated it did not involve LLB’s stock.