FCA Fines Ex-Wizz Air Executive for Insider Trading

The UK’s Financial Conduct Authority (FCA) has imposed a fine on András Sebők, a former executive at Wizz Air, for unauthorized trading of company shares and failing to disclose those transactions as required. Sebők, who served as the chief supply chain officer, conducted trades during a restricted period and neglected to notify the FCA and Wizz Air within the mandated three business days.

The FCA investigation revealed that Sebők traded Wizz Air shares during the 30-day blackout period preceding the airline’s financial results announcements. From April 2019 to November 2020, he made 115 trades worth over £4 million ($5 million), violating regulations designed to prevent market abuse by ensuring transparency and fairness in financial dealings.

By settling early with the FCA, Sebők qualified for a 30% discount on his penalty, reducing his fine to £123,500 ($156,434). Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA, emphasized the importance of adherence to trading restrictions and timely disclosure, stating, “Trust and transparency are vital to keeping our markets clean. Senior executives must report their trading and comply with the restrictions on trading during closed periods or they risk undermining the integrity of the market.”

This enforcement action underlines the FCA’s commitment to maintaining market integrity and the serious consequences for executives who fail to comply with regulatory standards.

Related News : https://airguide.info/?s=Wizz+Air