Swedish authorities swooped down on Cherry AB CEO Anders Holmgren, arresting the embattled gambling executive in connection with his alleged involvement in insider trading.

The arrest of Holmgren inside his office on Tuesday stemmed from Sweden’s Economic Crime Authority (EBM) investigation on Cherry AB’s 2017 trading, according to a Privata Affarer report. Financial regulators accused Holmgren of using Cherry AB’s profit warning to amass shares in the gambling company amounting to SEK12 million ($1.37 million).

Based on their timeline, Cherry AB issued a profit warning in November 2017 due to problems pertaining to the integration of its ComeOn asset. Last month, Cherry announced that the company was able to beat the revenue expectations of financial analysts.

Investigators, however, found that the Holmgren-led Cherry AB bought company shares three weeks before it announced its earnings for Q1 2018.