Swiss regulator opens market-manipulation case against Haute Capital

Switzerland’s financial regulator, FINMA, has opened an enforcement proceeding against Haute Capital, an investment company listed on the Bern stock exchange.

The regulator suspects the company and its chief executive of market manipulation.

FINMA had conducted a preliminary investigation earlier this year before opening the proceeding.

Haute Capital disclosed the case on its website and says it followed all rules and has evidence to support its position.

An enforcement proceeding allows FINMA to order measures to correct an unlawful situation at a financial company.

The case comes as Haute Capital’s share price has fallen sharply, dropping below 40 Swiss francs on Friday after starting the year at 153 francs.

FINMA’s proceeding will examine the suspected conduct; the company’s response is that it complied with the rules.