Nordic Insider Trading Probe Embroils Private Equity Employees – Bloomberg

An investigation into alleged insider trading in a Swedish software company ahead of a takeover offer has enveloped two employees of a private equity firm.

“Verdane can confirm that two individuals, not on the investment team, are in custody,” a spokesperson for the specialist growth investment firm said in an email. “No investor funds are involved. Verdane has suspended the affected persons with immediate effect,” the spokesperson said.

In Sweden, 12 individuals were arrested on suspicion of serious insider crime, while four have been arrested in Norway, the Swedish Economic Crime Authority said in a statement Thursday. A further nine were questioned by Norwegian police. The investigation is linked to trading in the shares of a software company before the publication of a takeover bid for the firm, Swedish authorities said. Several of the suspects in the case are relatives or close relatives.

Source: Nordic Insider Trading Probe Embroils Private Equity Employees – Bloomberg