Facts
The complainant, [X.] , was an employee of the external asset management company [A. AG] and had a power of attorney for the account of Dr. [B.] at Bank [C.] & Co. AG. He was also involved in the investment fund [D.] Ltd. In December 2008, irregularities in transactions involving illiquid bonds were reported, and the Swiss Financial Market Supervisory Authority FINMA initiated a preliminary investigation under market supervision law. The Public Prosecutor's Office III of the Canton of Zurich opened criminal proceedings against [X.] and five other individuals for breach of trust or aiding and abetting thereof.
The criminal proceedings were discontinued, and the Public Prosecutor's Office imposed the procedural costs on [X.] and three other defendants. [X.] lodged a complaint against the cost and compensation ruling and requested that the contested decision be set aside and the matter be referred back to the lower court for reconsideration.
Considerations
The Federal Court examined whether the imposition of procedural costs in case of discontinuation of the criminal proceedings was justified. It found that the initiation of the criminal proceedings was based on the suspicion that the defendants had participated in the sales through the intermediary [D.] by means of a conscious collaboration and had damaged their clients through prior agreements.
The court concluded that the…