Rainer-Marc Frey has increased his stake in Leonteq to 6.2% following a surge in share purchases, taking advantage of the company's recent 12% drop after its fourth profit warning. Frey, a billionaire hedge fund manager, is betting on a rebound, although shares have continued to decline, falling below CHF 20.
The Swiss Financial Market Supervisory Authority (FINMA) has imposed a severe penalty on Zurich-based financial firm Leonteq, confiscating over CHF 9 million of its profits. This action follows the conclusion of enforcement proceedings against the company, which has led to a significant drop in its share prices. Additionally, FINMA plans to appoint an investigator as it prepares to implement a senior manager regime.
Finma has imposed a significant fine on Leonteq for serious breaches of risk management and governance, leading to a profit warning for 2024. The financial group must now enhance its compliance measures and can only work with regulated foreign distributors, while an auditor will oversee these changes. Despite the violations, Leonteq has cooperated with Finma and has already taken steps to improve its risk management and compliance frameworks.
Leonteq has been fined by FINMA for serious breaches of risk management and warranty obligations, leading to a profit warning for 2024. The Swiss financial group must now work only with regulated foreign distributors and has had CHF 9.3 million in profits confiscated due to violations involving unregulated partners. Despite these issues, Leonteq has committed to enhancing its compliance and risk management processes, with top management acknowledging past weaknesses.
Leonteq faces a severe crisis after FINMA penalized the company for significant breaches in risk management, resulting in a 70% drop in share price and a fine of 9.3 million francs. The fallout has led to the departure of top executives, ongoing profit warnings, and scrutiny over suspicious transactions linked to tax evasion and money laundering. Despite claiming to have addressed these issues, the company's future remains uncertain as it grapples with regulatory oversight and internal turmoil.
FINMA has imposed significant penalties on Zurich-based derivatives firm Leonteq for serious breaches of risk management and warranty obligations related to unregulated foreign distributors. The authority confiscated CHF 9.3 million in profits and mandated compliance measures, including working only with regulated distributors. Despite these challenges, Leonteq anticipates a profit in the "single-digit million range" for 2024, acknowledging past shortcomings in risk management.
Leonteq and Swiss private bank Bergos have announced a partnership to develop and distribute structured products through a white-label issuance model. Bergos will leverage Leonteq's technology platform to evaluate and trade products guaranteed by the bank, with the first offerings expected later this year, pending regulatory approvals. Bergos, based in Zurich, manages client assets totaling 7.3 billion Swiss francs and focuses on private wealth management.
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