Swedish online gambling operator Cherry AB has officially sacked its embattled CEO after the exec was arrested on insider trading charges.

On Friday, Cherry announced that its board of directors had “resolved to terminate the employment of Anders Holmgren as CEO and President of Cherry.” Holmgren has left the company “effective immediately” and has relinquished his assignments as a board member in Cherry’s subsidiaries, including software firm Yggdrasil.

Holmgren was arrested at Cherry’s Stockholm headquarters on Wednesday by members of Sweden’s Economic Crime Authority (EBM) on charges of ‘severe’ illegal insider trading.

Holmgren reportedly purchased SEK12m (US$1.4m) worth of Cherry shares in between a November 2017 profit warning and the company’s April announcement that its Q1 results would be “better than anticipated.” The company’s shares rose 12.3% in the wake of that announcement.