FCA fines former Wizz Air exec for secret trading
The Financial Conduct Authority said on Wednesday that it has fined András Sebők, former chief supply chain officer at Wizz Air, for trading company shares when he wasn’t allowed and failing to disclose his trades.
Sebők, who was fined £123,500, carried out the trades in his capacity as a person discharging managerial responsibility (PDMR) at Wizz Air.
The FCA found that he traded Wizz Air shares in the restricted 30-day period leading up to the firm’s financial results. In addition, he failed to notify the FCA and Wizz Air of his personal trades within the required three business days.
This is the first time the FCA has fined a PDMR for trading company shares during closed periods under Article 19(11) of the Market Abuse Regulations (MAR).
Sebők made 115 trades - worth more than £4m - between April 2019 and November 2020.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: "Trust and transparency are vital to keeping our markets clean. Senior executives, like Mr Sebők, must report their trading and comply with the restrictions on trading during closed periods or they risk undermining the integrity of the market."
Sebők qualified for a 30% discount on his penalty because he agreed to settle the matter.