Facts
On 5 January 2021, the Federal Office of Justice (OFJ) granted the extradition to the United States of America of A. He is accused of large-scale insider trading offenses committed from 2013 to 2017: A. and an accomplice allegedly received insider information through an intermediary regarding a publicly traded biotechnology company and two investment banks, which they used to obtain several million dollars in revenue. Numerous measures - including the use of forged documents - were allegedly taken to conceal these activities and launder the illegal proceeds. Money was allegedly paid to the intermediary to obtain information from primary insiders.Considerations
The Federal Tribunal dismissed A.'s appeal against the extradition decision. According to established case law, the authority seized with an extradition request based on a treaty conducts a prima facie examination of the punishability under Swiss law of the offenses prosecuted. The dual criminality requirement does not presuppose identity of the criminal norms.
Art. 154(3) of the Financial Market Infrastructure Act (FinMIA) criminalizes secondary insiders, i.e., persons who have obtained the information from a primary insider or who have obtained it through a crime or misdemeanor, and who exploit the information. Even if the offense under Art. 154(3) FinMIA provided for a lower sanction threshold…