Finma said it started proceedings against 11 current and former employees on Nov. 12, when it joined U.K. and U.S. regulators in an $800 million settlement to their foreign-exchange manipulation probes. The regulator is considering measures such as a ban from the industry for as long as five years, as well as “naming and shaming” and profit seizure, according to another person.

Finma has now turned to focus on allegations individuals abused clients with practices such as front-running, excessive markups and deliberately triggering stop-loss orders, according to a letter seen by Bloomberg.

Traders spoke openly of their attempts to manipulate benchmarks such as the 4 p.m. WM/Reuters fix, front run clients and “jamming some stops,” according to excerpts from group chats in the Finma decision. Another wrote “call me a legend! Front run legend.”

Senior UBS FX, Metals Traders Among 11 Said to Face Swiss Probe