Suspected illegal business at Union Investment: A top fund manager is said to have secretly enriched himself with prohibited share trading – and that for months. Customers are said not to have been harmed. The accused employee was considered a big fan of Wirecard.
The fund company Union Investment released an employee on suspicion of insider trading. Union Investment announced that the employee was accused of having carried out prohibited share transactions in private custody accounts outside of the company's systems for several months. The person has unlawfully enriched himself to a considerable extent.
As far as we know, customers and special funds of Union Investment have not been harmed. "If the allegations were to be confirmed, the employee would have acted with considerable criminal energy," said the fund company belonging to the cooperative banking sector. The necessary documents and data had been made available to the public prosecutor's office. It can be assumed that it is an isolated case, said a Union spokesman. The investigators had searched the workplace of an employee. The investigations are proof that the security systems are working.
The "Spiegel" reported online that the employee was a top fund manager who was considered "one of the biggest fans" of the now insolvent payment processor Wirecard. A Union spokesman said that, as far as we know, there was no connection with Wirecard. The fund company had long held large blocks of shares in Wirecard through its funds and was one of the company's largest shareholders until shortly before the bankruptcy in June.
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